My guess is that, until some initial drill holes are completed w/ positive assays on shareholders' dime, we don't have a third party funding partner. I could totally be wrong, but given how long we've been waiting for drilling, I think the expectation is that we need some results beyond great geochem, Z-tem, etc.

Perhaps the new board members and the existing board members (who, btw, have all already invested a LOT of money in the company) are willing to fund 'phase 1a' (the first 10 holes, I think?), thus 'improving the cash position of the company.' If that funding entitled such members to a share of the underlying LLC, then that would be an interested director transaction and shareholder approval would remove any possibility of a suit by shareholders. Perhaps that is what is under consideration. If so, hope they open the private placement to fund drilling at the Hay Mountain LLC level to other accredited investors (such as myself!).