The placement was clearly oversubscribedThe placement increased by $4M (+15%) = $4.6M les that 24 hours after it was announced, on the same day FPX filed the ammended PEA.
No doubt the rush was on because they had to wait to get their filings completed. And I suspect that Securities Commission nit-picking was behind this delay and was also the reason why FPX pared its corporate presentation and website promotion down to the absolute minimum.
They need $10 CAD for the PFS and a bit more to begin the permitting process. Clearly, the size of the current placement is large in comparision to existing plans. On hand cash will be about $21M CAD by early April.
Drilling at Van and expanded metallurgy could consume some of the excess cash, but that should have been covered by the initial $10M placement size. Could it be that FPX now has an extra million or two for a drill program at Mich?