I think we can all agree that this is probably the least of the evils in terms of options for raising funds.

My concern right now would be to study the probable burn rate and think about timelines.

Djje, you mentioned that this buys us three years. I don't think so. That would put us into early 2016. There needs to be a lot of work done by then. We want to have a mine almost finished by then.

So where does this leave us? Why $15m? Why not less, or more? Logic says that Noront is the party that decided how much was needed. But why?

If we have $15m, that presumes that we aren't expecting any significant cash inflows for the next while. So chances look strong that either Baosteel isn't going to increase ownership by May 2nd OR that they refuse to let Noront know their intentions. What do either of these two possibilities mean to Noront?

On the other side of the coin, how long, realistically, can this funding last? A lot of work needs to be done.

On a [probably] separate note, there has been talk about the possibility of a TSX listing. I believe that the SP needs to be north of a dollar for that to be possible. Does Noront believe that the SP is going to naturally rise that much in the near future? Or do they have plans to encourage a rise? Or is the TSX rumour merely that, unfounded? Obviously, nobody here can answer this particular set of questions.