Equity Metals Corp V.EQTY

RE:CEO

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@ayeyou Ellen Clements's New Nadina Explorations Ltd. $NNA , up 12 cents to $3.65 on 160,000 shares, has sold all 150,000 flow-through shares that it was offering at $3.80, raising $570,000, but it sold just 33,000 regular shares at $3.75, raising another $123,750. When New Nadina launched the placement in mid-November, it was offering 400,000 regular shares for $1.5-million. At the time, Ms. Clements said that the flow-through cash was for drilling the Blue Zone deposit on its Silver Queen project in central British Columbia, while the hard dollars were for "corporate development and/or exploration" -- suggesting that New Nadina might get back to work at its Monument diamond project at Lac de Gras. Perhaps investors thought so too, given their anemic interest in buying the regular shares; in any case, Ms. Clements now says that all the cash will go to Silver Queen. That leaves the Monument budget unfunded and the clock continues to tick on New Nadina's window of opportunity to work the project. A five-year land use permit, granted in the fall of 2012, was to expire unused this year, but the bureaucrats granted the company a two-year extension. The permit will now expire in the late summer of 2019, giving Ms. Clements and her two minority co-venturers, Archon Minerals Ltd. (ACS: $0.86) and Dr. Christopher Jennings, a limited amount of time to raise the $2-million needed to accomplish the drilling that they initially proposed.