Thank you for the reference, explorationguy.

That $13.8 million renounced in February this year was raised in November 2007. At that time, Kodiak issued 2.5 million flow-through shares at $4.80/share. They also issued just over 11 million non-flow through shares at $3.80/share.

The money raised with the flow-through shares in November 2007 had to be spent by November 2009, and they had to be renounced by March of this year. Kodiak did both.

So, the $13.8 million raised at the end of 2009 does not have to be spent until the end of 2011. I doubt that will be a problem. The renouncement of that issuance will likely be made in February or March of 2012 and will show up in the financial statements in 2012.