Bought Deals and Best effort deals are PPs, just a difference on how strongly the broker behind it (or a syndicate of brokers) feel about the project. If they feel the deal is very good for their clients and the pricing is very aggressive (like doing a deal right now for 55 cents for us and a full warrant at $0.75) they will guarantee to the company that they will fill the PP. If the project is good and the price is good but not great, the broker may feel a little nervous that he can sell it all (in our case doing a PP before news is out at 60 cents with a $0.90 half warrant) they will tell the company that they will present this to their clients on a best efforts basis. In this case, they are not guaranteeing that they will be able to sell it all-but they will try their best.

For us to wait for a $2PP is very dangerous. That would mean our SP will be over $2 by that point and we would be very close to being broke-unless our results blow the market away which I am not expecting. If the news is very good and our price hits over $1.00, I believe we would probably be safer and better to do a deal around the $1 mark but I will wait to see the news before committing to a deal.

Glorieux