Where is the value...Just as one could justify a financing at .40 cents for common shares and .46 cents for flow throughs... from the the flip side it is easy to see the next round priced at .15-.20 cents for common shares and .20-.25 cent flow throughs. If an investor is willing to pay for "future possible value" in advance I suppose they could bump this up a bit. If one had taken part in the last financing they would likely find this a tough pill to swallow to pay yet another "premium" for maybe's. From a more positive place than my point of view, let's assume they can raise $15 million at .25 cents... they would issue 60 million shares to do so and it would likely cost close to 1 million in fees. Any possible debenture holders would be able to convert into common shares at double the financing price...this would add debt while tying up/removing equity and capping the stock at .50 which is not the best case scenario IMO. There would then be 125 million shares outstanding assuming best case scenario (no debentures) and with average results we will likley find them back at the till for more money within a year at which point a 10 or 15 for one share consolidation is a possible reality or just beyond the horizon. Paying close to a million in fees while paying 9% interest on any DB's will likely not add value but rather dilute current shareholders even more which could also compound future funding problems. All along I wonder why Magnum could not raise money to do what Artisan wants to do.... I wonder if Artisan can do a better job than Magnum? Most recent report card comes from Gordon Creek Energy who is also in a financial pickle trying to keep the lights on...so I really wonder how they can pull this off. I am looking forward to more guidance on recent financing to decide where the value is. As always...Good luck and happy Good Friday to everybody