Typically you would try and raise funds long before you acutally need them when market conditions are good. Noront has not usually left rasies until the last minute. I had hoped that Noront had milestones established with Baosteel on the basis of proving up additional chromite and a pre-feasibility study on the Backbird including an intial analysis of ferrochrome production that would have triggered the exercise of the warrants @ $1.16, bringing another $11.7M into our coffers this year. Unfortunately our share price has sagged.

The $1B rasied by Baosteel Resources gives them the ability to pull the trigger on additional shares or an off take agreement, which is probably a little early and not in the cards yet.