Ann: Quarterly Activities Report , page-7

You're right that the market cap is not necessarily representative of fair value - but I think its relevant for financing so the current figure is pretty important.

I can't see there being a deal @ 15% interest - I think that would be too high in the US. I really thought the best way to proceed would be through a joint venture or an offtake agreement.

When I purchased the stock I looked at these two options or RHM as a takeover target, never as a debt funded junior producer.

Anyway, I'll hold just because I want to see how they wriggle their way out of explaining funding next time.