We no longer have to qualify about how the market would react "if" an SSRA happens, now that we know its a dead issue.  And the primary benefit so often cited, that an SSRA would provide a benchmark, has also been satisfied...now that we know the MACE # is somewhere around 200.  Even better we were given a MAC event rate of 10 to 15 per month....

The biggest risk here in my eyes....Money, or lack of same.  When I read the MD&A the first thing I CTRL+F search is "cash".  Turns out they are obligated to use 50% of any proceeds they receive (from selling equities, bonds, licensing rights....anything) to pay the loan down.  Its a covenant in the loan agreement.

So as of July 31 there was $5.8 million in cash left (American or Canadian?) and $7.9 of trade and other payables.  I'm not an accountant...so I don't know what side of the ledger that $7.9 million goes one....sometimes accounting is counter intutitive.  I know that when you put money INTO petty cash it counts as a debit, and when you take money OUT its a credit. 

Bottom line is they need to raise more cash....and that adds a level of uncertainty.  If they could put the funding issue to rest by raising enough money to last at least to the end of 2019 it would be huge.  

Enough rambling....