Financing is imminent at 0,10$ it's a 16 million shares dillution... it's a lot... at 0,05$ forget it... 32 million shares... unless they do a rollback... I doubt they will do a financing under 0,10$... but now, it's a long way to go up to 0,10$... in these terrible markets! Time will tell... I think they are running to re-evalutate the historical data they have on hand... this is the next step I think... issue a NR with the historical data updated... and create a kind of momentum on the play... time will tell if they succeed or not!
From the MD&A posted on the 29th
The Company has not arranged any financing in FY-2012 to date.
Financing shortfall
At February 29, 2012, the Company had a working capital deficiency of $481,302. At May 24, 2012 the Company has a working capital deficiency of $517,466, the Company expects to have to raise approximately $1,605,761 in non-flow-through funds in order to continue as a going concern, carry out our 2012 exploration budget, and fully fund our corporate overhead costs for the next seven months.
Additional equity financing will be required in order to carry out our exploration and development plans and to meet our flow-through requirements. We expect that additional financing – in the order of $1.6 million dollars – will be required to carry out our 2012 exploration plans, provide working capital for the next seven months and cover our current working capital shortfall. There is no assurance that we will be successful in obtaining such financing. We expect that substantially all external financing will need to be provided by the sale of common shares although alternate methods of financing may be considered, such as short-term loans from related parties and shareholders, joint venture agreements or convertible debentures.