You forgot,

E) They are going to spinoff SC, and consolidate the shares, and then go for more funding under Desert Fox or Northern Fox.

I do remember Elmer saying that they won't dilute further, and, in fact, they have not diluted by handing out options to management since the JV and that would have been fairly normal business.

I hope it's C or B. I suspect they are prepared to proceed with E if they find a good project.