Well, for those who decided to wait for the details before they judged the deal, how do you feel now?

Common shares diluted at 11 cents per share. Convertible preferred shares issued equal to the 2x the current existing common share float with an 8% dividend. This equates to a dividend payment of $1.6 million per year.

Of the $30,000,000 raised, over half goes back to JJNICL immediately to repay their original $15mm USD loan ($18mm CDN). The rest will be gobbled up by overdue payables and lie in waiting to repay our $17mm (ish) debt to Salman/Casimir later this year. If anyone is keeping score, $30mm isn't enough cash to pay what we owe our debtors. Let alone all of the other financial obligations due right now (like our audit fees).

So, we have about 6 months to have nickel prices get back to the $7+ range, get the mines back in operation and generate enough cash to pay down the difference between the cash we raised and what we still owe... which will likely be about $10 million by October. Given that this much cash is an impossibility to raise by then, even if nickel prices went up to $10 tomorrow (don't hold your breath), JJNICL will be injecting further cash in to Liberty Mines, further diluting our holdings through more share issurances, will convert their preferred shares to common shares, hold 80-90% of the float and will take Liberty Mines private and we shareholders will receive a penny or two per share (if that).

Ta da, JJNICL sits on the resource until times are right, fires it back up and reaps all of the profits. I'd seriously question the competency of JJNICL management if this plays out any different.

Thanks everyone for putting your hard earned money in to Liberty Mines to fund the capital required to drill, build the facilities and mines, JJNICL appreciates it.