The name of the game in this difficult market is, either take what you can get at any price OR finance it yourself, why do you think he is now trying out Toronto and Montreal, why not with all the big players in Vancouver. And since the CEO didn't sell any stock to raise capital (which I believe would have been prudent), and since he hasn't financed it yet (likely because he is short on cash but I don't know), the result will be a low financing. He could loan the company some money, thus avoiding the dilution, and then paying the loan back once he drills, hits the big one, and the stock price rises higher for a proper capital raise. This penny and nickel and dime approach doesn't win very often. I have seen amazing properties but in the wrong market, very difficult to finance.