Brian - I feel your sentiment. Whatever remained of management competency has now been significantly reduced to incrementally above NIL. Not only are we to share our bench with new shareholders, but also require the credit facility as well (see below). Not clear what the mix is between credit and shares - but a mix is in the plan. Considering our current SP (1.30), I estimate at least 100 million shares may be issued to have any meaningful value, and the remaining would be credit facility (possibly $125M) - making the total package about $250M....just my guess??

Booster

In conjunction with the Offering, the Corporation is advancing negotiations with a Canadian chartered bank on behalf of a syndicate of proposed lenders, whereby the Corporation would approach the syndicated bank loan market to secure a revolving working capital facility and a construction loan for Algar (the "Facilities"). The Facilities, if made available and subject to the meeting of any funding conditions, would provide increased liquidity and financial flexibility to assist the Corporation in pursuing the construction of Algar, should a decision be made to reinstate its construction while also providing additional liquidity and financial flexibility for the Corporation's normal course business activities. The capital anticipated to be available pursuant to the Facilities, together with the anticipated proceeds of the Offering, available cash and anticipated cash flow from operations before changes in working capital, should be sufficient to fund the remaining estimated $200 million of construction costs for Algar, assuming improved commodity prices and stable economic conditions.