SJL. There are other options than the two you mention. Depending on the merit of the properties, they can be packaged and farmed out (keeping some for leverage in the case of a discovery) or vended into a spin-off company.
There may be other options as well. As a shareholder, I want to see the board and management doing all they can to add value to the company, and get to a position where they can fund their activities without too much dilution.
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SJL. There are other options than the two you mention. Depending...
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