I had been hoping for a milling deal sooner rather than later,...

I had been hoping for a milling deal sooner rather than later, because it was clear much of the last CR was spent on DCN shares. I guess potential milling partners can read a balance sheet too, so Kin needed this CR to avoid negotiating from a desperate position.I hate the dilution but I am glad to see the $ coming in .. running out of capital now would be catastrophic, and smaller Kin holders have had there wallets firmly closed for a while now.

There is still the leverage Kin has with DCN shares to play out. Some of this raise is for consolidation opportunities. Another one percent of DCN would put Kin in a position to hand control to SBM / GMD if the GMD TO of DCN offer remains open. Maybe that is on the cards. Maybe DCN will raise capital and Kin will need $ to avoid dilution. Maybe a milling deal will require some capital to start a mine and to truck ore.

From the cheap seats it seems to me Kin / Delphi's DCN holding is a key to the SBM / GMD merger going ahead. The merger proposal looks a lot weaker if DCN is not wholly owned. In my mind the up coming SBM GMD merger approval process puts a time constraint on GMD / SBM. It is also possible Kin's ore is the key to keeping the DCN mill going in the short term, depending on who else expressed interest in providing feed.