To the best of my knowledge, FT shares are used for gifting tax expenses from the corporation to the shareholder when certain allowable exploration expenses are incurred.

So how could this money be used for advancing the patent application? How could it be used for funding the purchase of CLF interests in the Ring area? How could it be used for anything other than ... exploration?

I wonder if this large private placement is a red herring. If someone is interested in ensuring that KWG gets BD and BT from Cliffs, I would assume that would be in a completely separate deal, not associated with the private placement. What will they do with the money from the PP? Can that money be used for their work with Bold? I'm guessing that it can.