I sold my stake in BCMD about a month ago to go after another stock. I am currently looking to get back into BCMD. Not having a stake in company over the past few weeks, I've hopefully have become more objective. Gary and others, perhaps you could give me your take some nagging issues I have.
If the JV puts up the additional money in February, it also gets an additonal 4 million warrants at around $0.33 (figure correct?). That brings total potential warrants given to Sterling to 10 million warrants at around $0.33. The way I see it is that the common shareholders are taking all the risk while the JV has some of assurance of regaining the roughly $14 million or whatever it plans to payout over the next 30 months.
The question I am asking myself is, why do I want to own this stock at $1.00 when the JV is essentially valuing it at $0.33? I know there is great potential for discovery of gold. But then again, if such great potential, a $14 million (?) investment over 2.5 years seems like a good risk / reward in of itself, without warrants.
To a lesser extent I am curious about the length of time it is taking to assay the material mined. Hopefully the delay is because they want a comprehensive report of the ore they have mined.
Third, also to a lesser extent, what was the Wolf Creek Vein? Flipping through press releases several years ago, there seemed to be much BCMD potential surrounding a mine called Wolf Creek? Whatever happened to that mine?
Thanks for your input, if you have the time/inclination.
Regards,
Schopenhauer |
