Well then it’s game over. Hence why “investing” at this end of the market is basically just punting. Most companies like CND will never make it, that’s why you invest a bit here and there, you only need one winner every now and then and you’ll come out ahead.
@Drswing has given a pretty succinct answer to your question above about the process. It’s a balancing act between carrying enough capital forward and not diluting the company to oblivion in the process. Super majors don’t give two hoots about the cash balance of a sub $20mill small cap, what they care about is juicy drill targets that’ve had the tedious technical work already done, if they like what they see they’ll open the cheque book. When I saw that Alan Stein/Havoc Partners were on the books as geo consultants I knew it was worth a punt here.
Maybe you don’t have the stomach for this end of the market?
(20min delay)