Interested to see how this plays out.They've obviously crossed...

Interested to see how this plays out.

They've obviously crossed key shareholders (including Gold Road). However, a couple of concerns from me:

1) They haven't secured debt financing on this - how long have they had to do this? Typically, debt finance comes first so equity markets know the quantum of equity/debt, key terms and conditions and then they can contribute the equity armed with those facts. The amount of $600M (plus previous equity raise of $300M), speaks to potential risks about the debt financing, or that they place very little value on equity

2) State and Federal environmental approvals remain outstanding and with no more clarity. I don't think this is as easy as DEG seem to suggest. New Federal laws (aimed to be net environment positive) and Safeguard mechansim (requirement to continually have a declining emissions trajectory - not easy when you need to invest capital into a new mine and look for pay back over 10+ year period and emissions go up the deeper you go into a pit) are potential risks. Could this be the issue for debt financing?

3) Underwritten by Cannaccord and Argonaut. This two companies don't have the balance sheet to legitimately underwrite. I appreciate that they often sub-underwrite but given the balance sheet of these companies (Cannaccord has a market cap of ~$900M and Argonaut is a private company whose balance sheet couldn't be more than $50M (and likely a lot less), you've got to question to what extent is this really underwritten. As a retailer, I get to see it play out over the next few days and then commit once its in the bag. However, I just have the Dacian equity raise in the back of my mind https://www.miningweekly.com/article/dacian-abandons-raising-plans-as-gold-tumbles-2016-12-05. What happens if a few people don't fill the book and its called upon, or what happens in the next day if there is a major event which spooks markets (e.g. 911 etc).

Here's hoping I'm just a traditionalist and they are taking advantage of good gold price environment and as some of you have said, getting the equity raising overhang out of the way rather than it continuing to build and raising at a lower price. I like the project but I've got concerns with management.