RE:RE:RE:Non-brokered private placement of common sharesFlow-through shares would have made a better 'headline' number too. Maybe 3.00.
But the rules are strict about the use of funds; can't use the revenue for cash flow/general expense. Yes these funds are for 'general workings' as they say in the news release; at the end of 2021 they only had about $14MM in cash and receivables.
During 4Q 21 they seemed to be burning $4MM a month. In a previous news release they said that the bulk of 1Q 22 production would be in March, but I guess we'll have to wait until May to hear about actual results. An interim progress report would be helpful though, but that isn't usually their practice.
Also, maybe you meant to say that private placements (and bought deals) are very often at a lower price than market, not higher. This one was at 1.75; in the few days prior to the offer the shares had dropped from a little under 2 bucks to 1.76.