Share dilution is always contentious, particularly when bought in deals give favourable prices and warrants to major investors. I also no not think it sends out a good message to grant 10 year options to buy at $0.70, when the share price was about $0.60 at the time of granting. A real incentive for employees would be to set the option level at, say $2 over 10 years.

However, with regard to share issues, which have recently been priced at about $0.50 (though an early issue was at $1:-

Assuming 60m shares at $0.50 have been issued, over 2-3 years = $30m development capital available to Metanor. Setting aside the benefit of capital input into the Bachelor Lake mine and plant and assuming the Barry gold in the ground were to be valued at $100 per ounce for this producing mine, then.....

The $50m share issues would be justified if the 43-101 produced 300,000 oz MI/Inferred. It could therefore be argued that, gold ounces above 300k, would have been paid for by the new issue shareholder.

I am hoping that the anticipated 43-101 will be multiples of 300k ounces, in which case the share issues would have delivered good value.

- Raffles