RE:Private PlacementThey definitely do not need the money as they have at least $8 million in the bank. As I recall they do this every year although usually in December. if you look at their financial statements there's always a few hundred thousand listed as cash that must be spent on mining expenses. My guess is it some kind of accounting thing and likely as a reward to somebody.
I wish I got the opportunity for one and a half shares at $1.05 right now