Filed on SEDI:
1) he exerised 1,000,000 full warrants on Sept 7th (filed Sept 10th) @ $.30 = $300,000
2) This next one is a bit tricky. He showed an exercise of 1,933,333 warrants in his warrants section. He then shows the 1,933,333 common shares in his common shares section, but he shows it as a credit (reduction). He obviously keyed it into SEDI incorrectly. It makes no sense to exercise warrants and then show them as a reduction to the common shares total (I would understand if there were 2 entries to common shares, debit and credit, but there was only one single entry). Finskiy will need to go back in to correct it (once he realizes).
Anyway, exercising the 1,933,333 @ $.30 gives us a further $580,000 (Sept 10th transaction date and Sept 10th filed date also).
The two transactions combined gave us $880,000 new cash.
A good chunk of the previous $6,000,000 in warrants exercise was likely allocated towards Bedard Dyke development and drilling. The new contractor for North Wall development might get some of the leftovers from the $6,000,000, but nevertheless this new $880,000 cash will likely go to North Wall development. I wouldn`t be surprised if the North Wall gets more of Finskiy`s warrant money in the future.
As I mentioned previously, Finskiy will need to exercise all of his warrants before they expired mid 2011. He might as well continue to exercise them now (if he continues to have the cash available).
4 comments:
Great point...From what I gather that is just how they are allocating the cash. Nice observation.
I haven't seen this mentioned (I don't think) anywhere here...but has anybody heard how the drill program is going? If i recall, it should be well underway?
Finskiy's last US filing I beleive showed him showed him as having 43& of all shares.
What will he have now or when he exercises all his warrants?
Finskiy`s last SEC filing showed he had 163.4M sole voting shares and 7.4M shared voting shares, for 170.8M in total.
He added around 3M shares with exercise of these warrants.
SEDI is down right now thus I am unable to glance at how many warrants he has remaining. However, I believe he should have around 26 - 27M (give or take) warrants still to be exercised. Exercising those warrants should give us another $8M (or so) cash. We also still have the $9M Deutsche Bank cash amount still sitting in escrow, for once we achieve the performance hurdle.
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