Silver Standard sells shares of Pretium in secondary offering

Here is Pretium’s press release.  Silver Standard seems to be in a strong financing position given that the company has around $671M in current assets (versus $333M in total liabilities), a producing mine, and a book value of $837M.  Instead of investing this capital in producing assets, the company is selling a mining asset (part of its stake in Pretium) for cash.  In my opinion, Silver Standard is not making a mistake.

*Disclosure:  I am short Pretium common shares and will be holding onto my position.  I don’t follow Silver Standard and have no interest in it.