the $35mil fund raising is my main contention...if kry knows they will have a permit and partner by july 31st why raise funds 6 weeks before that? why not wait til the deal is closed and raise funds at a higher PPS and more favorable terms?

Beggars can't be choosers. The, ahem, fine upstanding firms that brokered this deal dictated the terms. Crystallex wasn't really in any position to say no. If the China Rail deal went south, so would the Company. Not to mention that you make your buddies richer at 50 cents than at a buck.