The increase in Cameco's share to 75% will only occur after...

The increase in Cameco's share to 75% will only occur after Canada and USA enter into a treaty. MG stated this at the 2019 AGM. The only reason Silex took the 51% position, is because we already have a treaty and it was more expeditious to conduct the restructure this way, as stated by MG. I'm only speculating but maybe Cameco hasn't spent money pushing the treaty as yet because they are waiting for the certainty of the final approval on the term sheet.
But like you say Moosey once the term sheet is signed there will be a serious re-rating of our share price. I also believe that once the signing of the term sheet occurs it will give us more certainty on our business plan and financing should be a lot easier. My opinion that at 172 Million shares we are in a very good position, we haven't diluted over the many years and possibly won't need to in the future, future looks good to me.