Sorry... I was in meetings this morning. An old saying "Work is the curse of the drinking class". I believe it applies to the "investing class" also. Especially since investing tends to drive one to drinking.

OK, here's my understanding of the situation. The offering covered 18 months to two years of overhead (if you penciled it out given the past burn rate) which left the impression that if they needed it then the wait  for the permit was going to be longer than management had communicated publicly. Plus  there was the addition of the 1/2 warrant which he (Doody) felt indicated the market was a little tough on them (KRY) and therefore wanted the warrants to make the deal work for them... rick wise.

That said... as I mentioned last night, I am not sure KRY made it clear at the time of the offering that they were raising the extra money to cover some immediate needs of the mine start up if it was to happen in the near term (as per RM's discussion in response to BK's e-mail), rather than covering overhead for the extended period time they felt it was going to take to get the permit (Doody take).

Regarding this perceived miscommunication or misunderstanding and how it stacks up going forward... only time will tell who was right. IMHO.

BTW: I see this morning that RM is well aware that KRY was dropped from GSA's top ten recently.

I would be interested in seeing how many warrants (1/2s or fulls) are out there that are triggered by the permit issuance and what their strike prices are. It would be interesting to see how much money may show up at that triggering point (FWIW).

I e-mailed KRY from their site two weeks ago and asked but never got an answer. Boss... RM question?

Hope all this helps