The money raised by flow-through financing must be spent on eligible expenses (exploration) within a specified time. The specified time period for incurring eligible expenses begins on the day the flow-through share agreement is made (December 16, 2009) and ends 24 months after the end of the month that includes that day (December 2011).

I'm not sure where you found the reference to Kodiak having renounced the entire amount in February of this year; normally, that means they have spent the money on exploration already, and those who purchased the flow-through shares can then use the tax advantage for the current year. Is it possible Kodiak spent $13.8 million in that time frame? There are circumstances which would allow a company to include expenses incurred before the flow-through was finalized. Somehow, I doubt this is the case, but I would have to read the document referring to the renounce in February. Can you reference the source for me?

Either way, I'm guessing your estimate of current cash on hand is close and also that there is enough to drill Magino, the result from which, hopefully, will drive the share price up.

A few months ago, I sure wasn't expecting a doubling of our share price to its current level. It would be a nice Chistmas gift to see it double again by year end!