THE NEWS RELEASE
I have to say I do feel relieved after reading this news release. You can see that the new CEO, Alan Edwards is pushing things a bit faster than his predecessor. It is a very good deal for the company and most important the shareholders.
In a nutshell, $10MM out of the $20MM will be coming from the smelter fee, meaning the dilution will be minimal to the share structure. For this money no additional shares have to be issued. J
I would assume that the remaining $10MM in equity are set at a share price of around $1 CAD, (I hope it is $1CAD per share, it better is!!!!), bringing the total dilution to only 49MM shares.
That means that they should have around $20-$25 Million cash on hand now, giving them the funds they need to finance this thing till production including the funds from the Credit Suisse loan.
Again, it is nice to see that they were able to get financed in this tough market. Alan Edwards seems to be able to attract more attention from the investment community, with this CEO the company should be able to reach production in a relatively short time.
For the first time Oracle has enough cash on hand to start a major Investor Relations offensive in the market. I am sure we will see a news release in the weeks to come that a major Investor Relations company has been retained for North America. It would also be nice to get some coverage from Mining Analysts to comment on the upcoming 43-101 and the feasibility study. This company needs awareness, shareholders have been more than patient with the disappointing performance of the share price, me included. Our current 52 week low is a disgrace !!!! I am confident that the new CEO Alan Edwards will address this issue within the company and take measures to put Oracle Mining on the radar.
43-101 & Feasibility Study
I am now waiting for the 43-101 report and the feasibility study, I hope they will deliver soon. Oracle needs those reports in order to surface on the radar in the mining community. I would like to see these reports by the end of this month, latest beginning of December.
Mr. Edwards, please keep pushing and continue the good work !!! Congratualtions on getting the company funded in these dire times. Now please focus your attention on the terrible performance of the share price.