Theory on what is going onI believe it was Eric or Jean (and possibly both) that said they would not print new shares (dillute) at these SP levels. And that was with a SP around 2.30$
Management has always sold us the premise that they would keep dillution at minimum.
So to me it looks like they were expecting to partner with someone who would lay down 50% of the capex and then go for a combination of loans and new shares for the rest.
So in that second 200 million, maybe half of more has to come from shares that were expected to be between 3 and 4 dolllars a pop, so that meant printing roughly 30 million shares.
But getting closer to the 2 dollar mark brings that dillution closer to 50 million shares.
I called this a theory, but many affirmations I put forward are based on NR's or public interviews.
Of course It might turnout that I am completely wrong with all this thinking (over thinking) and for all we know other scenarios could be just as valid.
Here are some variations :
1) Partner goes for the whole capex in exchange for contracting all our merchandise ( technical included)
2) Rose is sold to the likes of Rio Tinto or another big player. JSL and other big investors (including some of the guys here) sell in and make a bundle. Then CRE goes on to curate other projects.
3) The partner splits the capex with other offtakers
4) (Politics) Quebec GVT wants a big part of the action.