As expected. Bates has been at this a long time and will not give up on his mine so he is in it for the long haul. Care and maintenance could be up to three years and I'm sure in that time he believes Cline will be a "world class" producer......... JMHO. Any speculation on how much the SP will be after the "Marret plan" goes into effect?
"the Marret Plan will be implemented on the earliest of (i) March 10, 2013, if by February 28, 2013 Cline has not received a letter of intent by February 28, 2013 with respect to a Cline Transaction, (ii) April 10, 2013, if by March 31, 2013 Cline has not entered into a binding agreement to implement a Cline Transaction, or (iii) May 10, 2013, if by April 30, 2013 Cline has not implemented a transaction to effect a Cline Transaction"
"US$25,000,000 principal amount of the Bonds will be exchanged for 2.091 billion common shares of Cline, being an effective exchange price of approximately US$0.012 per share"