The part I found the most interesting about today's news is that the financing won't be used for drilling. How can we raise $4.5M and not plan on spending any of that on drilling? I can think of two ways to look at this:

The Optimistic View:

The end game is close. Copper Fox knows that Teck will fund a major exploration program this year so we won't be on the hook for drilling expenses. The money we raised will be used to keep our offices running, to complete the feasibility, to complete the Environmental Assessment, to buy more land, and to pay for any lawyer fees.

The Pessimistic View:

The Feasibility Study requires a lot more work. It's very tough to raise money in these markets so all of our financing will be used to finish the feasibility. We are simply on standby for now.