Ann: 7-Fold increase in Permit & Sovereign Wealth Fund Agreement, page-179

From the perspective of a shareholder, at this stage (around our current market cap) it is better for us to raise the funds for this program ourselves unless an offer arrives later in April/May that is less dilutive than a raise will be.

If we were still back at a $60M market cap then yes of course, the farm-out makes more sense for shareholders. But fortunately we are exploring at a time with plenty of market froth and easy access to capital... so we should make the most of the timing and go ahead with as little dilution as possible.

If we sign a deal with Cluff, the market will do the math on the deal and value our remaining share of the project accordingly (which as it looks like today, will probably send us back to 15c and then we need to raise another $10M on top of that, diluting us even further). Doing a raise ourselves suggests we are worth more than the Cluff offer, and the markert will value our share of the project accordingly.

For me, the less dilutive option should always be the one taken... and it's extremely rare in the oil & gas exploration space for a junior to even have the option of self-funding rather than farm-out.