@calsy ... For a spec explorer to raise $1.5mill from SI's is easy enough. But raising $8.5mill when your MC is $23mill is nigh on impossible without the lender getting well remunerated for the significant risk.
Where there other options? Possibly. Did the company have the time to pursue them? No.
In the end, CN's worth $8.5mill will be absolutely insignificant,
IF the company can achieve what it looks very likely to achieve!
Compare that to most small mining stocks that have to give half, often more, of their project away to a JV partner to get the resource to mining stage.
Time will tell in the end though!
