Dev and McElroy own 10 million shares of FCUDev on financing of FCU operations and the personal investment he and Ross McElroy hold in the company (from the Northern Miner interview):
TNM: You’re well financed for the year. How do you find the right balance between raising money and not diluting shareholders too much in this market?
DR: You always want to have at least two years of cash, that’s the number in my head. And there’s an old saying, raise money when you can, not when you have to. If you have to do it, the bankers will squeeze you for warrants and things like that. So raising money when you’re strong.
Right now would not be a good time for us to raise money. But once we start to drill and the zone is extended, the excitement is there and you have to jump upon it. It’s always tough, especially when you consider that Ross and I, between us, have 10 million shares fully diluted. And we’re all in, we haven’t sold, I even bought more today (Dec. 16).