Juniors very rarely progress to Mining stage. They know it! Very expensive ordeal & requiring specific criteria & experience/expertise/talent & connections they rarely have/meet. These Spec companies are usually taken over. On the other side, companies out there interested in taking it over or offering a JV/Merger, usually wait it & see if they run low on funds or have drilled their guts out & even have fiance mandate secured. In other words, de-risked to a certain point. Advance as far as they can realistically. Also depends where the stock is located.
Btw, the 69% holder is the Chairman I believe, as
@Wack pointed out earlier. You are really having to trust the experience & integrity of this BoD @ this stage...
