I'm very happy with this CR.1. The discount is minimal to the...

I'm very happy with this CR.

1. The discount is minimal to the current price. Compare PEN's CR last year at 40% discount.

2. The bulk of the money is being spent on buying Physical U3O8. Anyone in the U space knows that the price of U3O8 has to double to bring supply back into the market. So the company are buying $50M worth of a commodity buy issuing shares at say 10% discount to the market. When they sell the commodity for $100M shareholders have done very nicely with no production risk.

3. BOE's action which is very similar to the recent actions of YCA, DNN, and UEX brings forward real price discovery in the U market by reducing the inventory overhang. This speeds the day when utilities will negotiate long term contracts. And so speeds a restart decision for BOE. And so it means less cash burn on G&A before production occurs.

4. A U3O8 stockpile means that the company can enter into LT contracts with a start date for deliveries prior to first production. This gives great flexibility for negotiating with utilities.

5. Raising capital at a time the market is valuing your stock at an implied U3O8 price of $60 and buying U3O8 for $30 is just a bargain.

Cheers,
Tim.