Ann: Underwritten $22M Capital Raising, page-63

They had the deal but didn't like it but couldn't come up with anything better. Mgmt wanted to maintain control at all costs so wouldn't consider a JV. As Aimee79's brilliant post says, some are buying at 6 to 7 cents a share so they can average down buy buying at 5 cents before the offer closes. So those persons average cost will be between 5.5 and 6 cents a share. If things go according to plan, then De Grey will have approximately $15 million in cash at August 24. You can do a lot of exploration for that amount. Should take them through the latter part of 2020 and towards the 3 million ounce goal. 3 million ounces in the ground at $50 would imply a market cap of $150 million. Probably have 1 billion shares outstanding by then so an implied share price of 15 cents. Don't know if the upside is worth the risk but you never know. Again GLTA.