The one consistent with RVX is I can always count on being surprised by them, although by now, you think I would have learned.  

So today we have gleamed lots of information from the prospectus and some of the posters here who have gone through it (I have scanned the prospectus quickly, but I need to read it in more detail tonight). The document intertwines very interesting comments in respect of financing, top line results, Third Eye debt repayment and a go forward strategy.  

We have had a hell of a stock drop to only dilute $13-19mill, likely the lower end.

I thought they would try and raise enough to pay off Third Eye $15mill US and get enough money to get keep them going another 4-5 months, but that does not appear to be the strategy or the market was not willing.

The strategy from the prospectus now seems to be pay off Third Eye a third or so of the balance due and have enough money to barely get across the finish line and then get money from a Pharma. But since I am always wrong, I assume I am missing pieces.

 The first missing piece is if the top line results are now expected mid-calendar year, that could be before the remaining balance of the loan is due, so is there a second shoe to fall to fund the payment of the final balance due (this is the one thing I am convinced is required by Third Eye) or is Third Eye going to risk some of the loan. I am dubious of that. 

If RVX is just going to gasp financing wise across the finish line in June or July and are they essentially saying they are confident they will raise the next funds at a much higher price and/or they have a Pharma in hand to fund with good results? Does that mean this is an all or none or is there again, another financing shoe to fall to allow them to carry on if the topline results are not what we hope for or provide further funding until the results? 

Is there an actual Pharma in hand and have they telegraphed they will not be selling but trying to take this to commercialization in a partnership with a Pharma or is “would plan to enter a partnership” just an initial plan that can easily turn on a dime with a large buyout offer? 

There still seem to be so many strings left hanging here, so the hoped for clarity with the PP closing seems to have become clearer with lots of potential fog.

BTW, someone asked earlier about a share exchange. I just had this with another TSX company I own and my accountant just filled out a T2057 rollover form the public company provided for the share exchange with my tax cost info, such that my old shares adjusted cost base became the cost base of the new shares and there was no tax due. However, for the cash I will receive, he told me I will have a capital gain