I think its pretty simple what has happened with this fiasco of the PP.  Markets worldwide have cratered especially emerging Markets like Mexico ( which has cratered down 28 percent ) within the last few weeks.  EE most likely had to scramble to raise money for his other investments and businesses and told ES that he could no longer participate in CUUs PP under those circumstances.  Bad news for CUU as he was the primary subscriber taking 66% of the PP and CUU is now in a very bad situation of running out of money in a few months.  So what does ES do?  He caves and alters the deal with attached warrants and lower offering price to keep EE happy.  Screw all present shareholders to get the deal done to keep the lights on and keep himself paid.  Just my analysis.

So one has to really ask themselves why CUU is in this position when just a few weeks ago shareholders were told the PP was a done deal???  The answer is IMHO that CUU has no leverage whatsoever.  Despite all the happy talk coming from management and certain posters here, there is no deal coming, there are no significant improvements to the economics despite what is being implied by management  ( otherwise Teck would certainly be moving faster on this than they are presently) and unfortunately, there are no other investors (suckers) willing to fork out money for this badly run company.  My 2 cents.