I would of thought they could have got $4.50 plus, but hey, might as well do yourself (Dale, Hugh etc) and the big guys at Dundee a favor at $4.05.
Regarding hard money Vs flow through, if they spend hard money from their production cash flow it would be tax deductable in the future to the Corporation.
Some day I hope they pay some corporate tax as that would mean their making money on the bottom line.
Now let's see them maximize value for ALL Shareholders