Slow night lol

Before the 120 days is up how much do we need?

We can skimp by with $24 million!

I can hear the groaning now. 30 million more shares. Noooo.

If we don't take debt or dilution how do we meet the next set of goals?

This is something the company want to avoid but it's really up to Teck. Last year when I said we'd need $30 million people thought that was never going to happen. Well, it is going to happen if an offer doesn't take us out. The alternative is we do nothing for 120 days. I don't want to own a company that does nothing for most of the drilling season.

If you though dilution at 79 cents was bad, it could get way worse. EE is funding us from one horizon to the next. A bad turn on the global situation could see funding at even less. We could be like some other companies who have taken a real harsh beat down.

Properly funded would mean about another 40-50 million shares and that would take us into the production decision. It would upgrade the camp and prepare the way ahead for a full on campaign next year. That would buy time to see the road built and the towers put up for power. We could do site prep in the mean time and complete the EA.

Taking the dilution now would lessen it in the future.

So it turns out that when I was calling for a full funding I was right. They should have gone to the open market and got a deal then. It would have saved about 10-15 million shares. Since then we've been stuck in this hand to mouth stuff. I'm not sure why we didn't do it and there was a lot of resistance to the idea back then. It was considered expensive. In today's light it looks fool hearty not to have done that.

I still think we should take the hit now. It would allow us to stall for time so we could drill and advance the project. I just wish we did it at $1.50. Still, it will be better than at 40 cents if Teck backs out for some unforeseen reason. Having the money while the shares are worth something allows us to pay our way for the 120 days and advance the project much further. There's very little by way of arguement to suggest we couldn't get value for the dilution in an offer situation or a back in situation.