Thanks for the dilution insight. While there are times when 'cash is king' ,with a $500Mn. Cap, even $20 Mn. would only be a 5% dilution. This would not be bad news at all. Maybe the problem is not the price but the amount that Bay St. wants to dilute. This is grade school stuff, and maybe Bay St. is really sensing this is the last kick at the cat. If the added Dilution with options were to be more than say 5%, RN would be better off to do a creeping JV with one of the majors. There is no shortage of $$ out there. We would be better off with a piece going to an operator (eg a Western Areas) than get pushed into more expensive money. Go RN !!