Sprott Equity Research EMR., page-9

Thanks for posting beanpea, it's an interesting and informative read, well done mate.

I doubt they will try and raise all $40 million via shareholder equity, because at 4c that equates to an additional billion shares.

They may be looking for a partnership of JV, perhaps with a company like OGC. And I wonder if they've gone back to CMM at any stage, and suggested a potential merger. There are some cashed up gold companies who may want to contribute up to $30 million for a part stake.

Alternatively, it might be a lot easier to just raise most of the additional money via bank debt. I'm sure there will be a non renounce-able offer for shareholders in there somewhere though.

It will be interesting to see how the full funding package is worked out. I'm not sure the share price is going to appreciate greatly until all of this is clear to the market, but who knows.

Gw