Ann: Quarterly Financial Report and MD&A, page-21

CDV on track to breach its WCR by early-June.To avoid that, a CR needs to be announced, administered and wrapped up with money in the bank, in the next few weeks. Not much time for this to happen. A CR needs to be announced soon. Maybe next week.

Under new share placement rules, company can issue 25% SOI (125m shares). Assuming the raise occurred at 15% VWAP discount (36 or 37c), they could raise $45m or so. That’s enough money for Archie to spend another 5 or 6 months looking for a buyer or JV partner

And following the CR? In the short-term, our SP would probably retrace to the issue price (i.e. strip15% or so from our valuation). It might gravitate up a bit over time but no meaningful re-rate will happen while project funding is unresolved.