<<<I have a fairly long history with AUN. I first bought shares in 2005, went on the ride all the way up to $1.99 and then all the way back down to 8 cents in 2009. I continued to add shares and was a loyal shareholder. Surely with Shafter and improvments in efficiency at La Negra things would work out eventually and I would be rewarded for investing my hard earned money and sticking it out through thick and thin. Well, that almost happened. Things were improving, the stock price was slowly recovering from the massive 2008 selloff, and AUN was generating profits at La Negra. I was thinking that although it would take longer, we could finance construction at Shafter with cash flow from La Negra along with some financing. Well, before long we had several massively dilutive cheap financings (less than what the share price was at the time if I remember correctly) with gobs of millions of warrants attached as freebies. I believe the share float more than tripled. So, my take was that all of the longsuffering long term shareholders were completely thrown under the bus in favor of giving away much of the company to the big shots who could take down millions upon millions of cheap shares. My feeling then and now is that there was no need to get $40 million in funds all at once and dilute the heck out of the existing shareholders. at .31 and .40 cents. Do enough financing to fund Shafter construction as needed, but let the SP rise in the interim so that financings can be done at higher and higher levels and the new shares can be digested. IMO, we could be at 250 mil. shares outstanding now with a stock price closer to $2.00 than $1.00 and still be only months away from start-up at Shafter if things had been done differently.>>>
I post this only to give perspective of really long time shareholders who are not so enamored with Aurcana's management decisions. And who can blame them.
But, fate is a strange lady. You miss the bus and meet your future wife. Wait, not a good example, lol. What I mean to say is timing can be everything. I got on the bus last August but wished I had got on when the fare was less than .20/sh.
Now, perhaps this was Lenic's perspective:
<<<O'Leary interviews most mining CEOs on The Lang & O'Leary Exchange, his other gig on the CBC network in Canada. "I show him his chart (mining CEO) and I show them the price of gold and they are ugly. You'd rather own gold, never own the miner."
He also said that there are too many juniors on the scene right now. "It's just a wasteland – it's just carnage out there," he noted. O'Leary explained that the same problems reappear with the juniors-- "they can't raise dough, and mine is delayed. After a while it is just the same drone, it is boring.">>>
Too many jr's., Carnage, Can't raise the dough, mine delayed - all dealing with the life as a PM jr.
So, yes profits from LN to fund Shafter with a heck of a lot fewer share and a higher SP if we did need to issue more shares. A perfect world says this is the way to go. But, as we all know...it ain't.
So, bottom line, when someone criticizes mgmt. for share issuance try to remember they may have been on the bus for a long, long time. And be thankful we got on later.
I am one of those long time holders. I bought in 06 for close to 2 dollars. The above poster failed to include the deal with SLW.(which I also own) That was a bad deal for Aurcana. It cost them dearly to get out of it. I added to my position at 10 cents and now am about flush. Every time I am critical of management I am vilified. Too Bad So Sad. Everyone here waves Pom Poms and yells "Sis Boom Bah" but I reserve the right to be constructively critical as I am still a shareholder and cautiously optimistic.
I do maintain that there are WAY too many shares outstanding and a Reverse Split is inevitable IF Aurcana wants to exit the Pinks.
<<<The above poster failed to include the deal with SLW.(which I also own) That was a bad deal for Aurcana.>>>
I feel your pain. Mistakes were made as above that have resulted in 550M shares. We are close to ABX and RIO qty, lol. Hey, that's it....we become a poly-metallic miner on the world financial stage with billions in earnings for all those shares.
Hopefully, it will all work out for the profit of all.