Sorry danny, I've been away from the board since the day I posted last.
After shareholders voted down the reverse split, I followed the "advice" received, and sold both WSR Gold (now White Pine Resources) and Metalex after they announced reverse splits. Both of them went up sharply after the RS, despite these reorganizations taking place at the very bottom of the market last December. So, I don't know that it's a bad thing for a junior explorer the same way it is a bad thing for, say, a company trying to maintain a listing on the NYSE. That would definitely be a desperation play, to not be delisted. I think we're talking oranges and apples here.
IMHO, Spider is in a horrible place. I don't think there is much hope for SP appreciation, unless Jim Voisin pulls a rabbit out of the hat on the JV drilling. I don't know how it could get much worse, honestly. What do you think a potential investor, doing their DD, is going to think of the efforts to raise capital via a PP earlier this year? What was it, February, when the financing was first announced? And it was extended twice, and then withdrawn. Then another offering was made, and there was less than a million raised, far less than is needed to meet the minimum requirements of the Big Daddy JV.
And what happens when Voisin hits the 55% earn-in, and Spider has to contribute or be diluted? He raised $1 million on one phone call, and had two oversubscriptions. He will blow through that 55% threshold before the end of the year, IMHO.
Faith isn't enough. Faith won't fix this.
Lar
