Or....The company needed to raise some cash, the market for iron and any deals related thereto are completely in the dumpster so an asset deal would be bargain basement pricing likely, so...

The company went to a fund manager that buys into the story, sees the big picture and will support the company, which is exactly what you want in a shareholder, not someone who is constantly nipping and complaining and thinking their way is going to be better because they don't actually believe in the long run. Any time you run a company, you want shareholders that buy into the story, the vision, not a back seat driver - you want an advisor and strong hands. Plus, if you can place an issue thru an institution, so much the better versus retail. Less paper and also a more sophisticated investor in almost all instances.

Re pricing, there are TSX guidelines surrounding what price you can do an issue at, re percentage discounts and premiums. This financing was done at market, no premium and no discount, completely fair. It's unfortunate the market is what it is right now.

Merry Christmas and Happy New Year as well