LEMMINGS TO THE RESCUE!! - At the bottom of the cliff
This is what they call a "Hysterical" reaction. Way over done. Buying op for the sane however.... 2.25 for me. May go lower but I doubt it. The company is FINE with 68 mil in the bank and regulatory hurdles behind it. There will be new loan guarantors and they may be offering conditions more favorable than the last.
Just bought more at $2.18. Although I have no greater insight than anyone else, this financing is going to get done. The company has worked too hard to get into this position, with all of the permitting completed. In a way, I am really glad that Hanlong may be out of the picture. The standards of accounting for business in China are not as stringent as they are in the USA. Worst case, there will be a partnership, or perhaps even a hostile takeover from a company seeking potentially major profitable mining exposure.
Another matter, for what it is worth.... Through all of this permitting, financing, and everything else this company has had to endure, where are the elected Congressional representatives who could come to their aid? Harry Reid is more busy playing the Washington blame game than to help create jobs in his home state. This is a prime example of how disfunctional Washington really is, when in fact they could be a great asset to GMO is this whole process. Harry Reid= poster child for our country's economic problems.
You could be right. I've been watching GMO, looking for an entry point, but think I'll wait to see how things settle out, before testing the waters. Imo, nothing rattles investors like financing questions/issues, so, I'm not surprised by the reaction. It can be either very profitable, or dangerous trying to catch a falling knife, so, again, on the sidelines for now.