Curiouser
Less than a month ago, April 13, the co. announced final closing of a flow-through financing priced at $4.50. Gross receipts were $21.6 mm. A little over $20mm Cdn net proceeds, approximately.
The latest capex estimate was around US$230 mm. Let's guess US$275 mm factoring in inflation for steel, lumber, everything. At an exchange rate of 1.27 that's Cdn$350 million with a need for that cash starting about 10 or 11 months from now.
If you figure 1/3 equity component, there's a need for ballpark Cdn$120 mm. So again, why raise $47 million today?