Thanks for clarification H. Think best route in that case would...

Thanks for clarification H. Think best route in that case would be commitment to a portion/percentage of raise they would aim for then balance subject to SH approval with some form open offer entitlement to current holders to ensure vote does not meet resistance. This way city happy as 25-50% of what they subscribe against can be legally controlled from the announcement date, easy sell to any parties. So still very possible BoD could raise sufficient capital to run seismic program....this is a huge positive imo but lets see how they respond to parties that may or may not be about to offer assistance package.

Disagree on your guess re making more. Good analogy would be finding some diamonds digging garden then trying to sell to any bidders, you get opportunistic approaches from middle men leaches. Advertise fact you may have quality diamonds and willing to work with a specialist to ascertain true value and worth for a mutually beneficial outcome. At the very least you still get rock bottom price from leaches. However potentially with a realistic valuation or knowledge of quality level then worth of product multiplies 5-10 times.