Cormark met with MAA in early march, and from those discussions set a target price of 1.50, which is almost a ten bagger from here, but down from a previous target of 2.00. The drop relates to the need to raise equity--160 million dollars worth, which must be in place to draw on financing. However, they can announce financing before having to raise that equity, meaning they can hope for a pop in share price. In any case, there will be significant dilution. Cormark looks for them to raise equity at 40 cents, but doesnt rule out the possibility of higher or lower levels. Their 1.50 target presumes raising equity at 40 cents, if i remember correctly.