From a limited review of GNH, it appears that they are in the exploration only stage, although they may have some projects with favourable prospects. I was shocked to see that GNH had 27m warrants and options outstanding, against 106m issued shares. it appears that fund raising was an opportunity for a promoter to distribute risk free warrants in addition to cash fees. It is not clear who Joe Dewek is - he does not appear to be part of GNH management? Fund raising for exploration projects

With regard to Metanor, the most attractive form of fund raising for its Bachelor Lake mine would be a gold loan at normal commercial loan rates. Alexis achieved this recently in relation to its Snow lake project ~ $60m.

Bachelor Lake is a comparable, or possibly a more advanced project than Alexis, since it has a permitted mine and working mill, which will generate revenues within a year of funding being provided. Therefore, lenders will have a predictable stream of revenue in order to repay loan capital and interest. The most likely scenario will be a mix of a gold loan and equity, in order to benefit the lender with ordinary share leverage. Metanor has indicated that this is the funding that they will be seeking for Bachelor - the only question is whether they will secure it on terms comparable to Alexis.

Metanor appears to be dripping low value PP's in order advance both its projects and therefore to be in a position to offer an attractive investment to a gold loan lender.

Merry Christmas to all.