Good afternoon all,

My take:

1) a financing with a 75% premium to the current SP does not look bad. Can not remember hving seen that for quite a while!

2) you do not go to the markets for financing when you need it. It will be used anyway, so better to do it when you still have cash available. Otherwise you ahve to go to do financing on your current SP.

Potentially Dave also sees more difficult times ahead in the junior space in general, with lower SP to follow.

Overall to me it does not look to bad.

Regards from Switzerland, Snoek