Well stated and reasonable.

Only point I would add is that, while their track record for enforcement isn't wonderfull, the TSX (Venture) does have regulatory authority and will review Noront's plan for pp and option issuance.

The TSX can 'rubber stamp' plan, insist on changes and/or do full blown investigation (imho unlikely). What I feel is most likely is a delay in approval and arm twisting of Noront BoD to make some modifications of a minor or major nature.

No one wants to tie the hands of Management so they can't do what's best for the company but protection of 'retail' shareholders is a major reason for TSX having a regulatory team. A delay would be a 'slap up aside the head' and some of us wholeheartedly approve of such a result.