howdy fort knoxt,
ya not to sure about that, the flow through shares can be pretty complicated, and it only allowed for qualified Canadian exploration companies, basically what happens the 4 underwriters purchase the shares (full price paid to NFGC) and immediately donate them to a charity for a tax write of, then the charity immediately sells them to a buyer for cash at a discount (as it's all profit as a donation), then as in this case ES purchased shares at a discount from the charity for $8.50 (as he was not an underwriter to the transaction), there are many tax implication benefits to all involved as it's a complex procedure that is not even allowed in the USA by the SEC as it's basically considered "money laundering" in the loosest of terms there, but for here and now in Canada it is legal and it's win win win win win for all involved even us peons as it provides financing to continue explorations.
which after it's all said and done is the reason i believe the financing was done this way before any USA Listing could be announced.
it's been discussed pretty in-depth here so there may be other opinion or ways to look at it or explain it but basically that's it.
Thank you for clarifying that for me , I did not know . Hope we get some news soon .