Personally I would not be unhappy if ZEN raised some money. While it would be great to never be diluted, it is not that practical. ZEN last raised money in its IPO in 2010 and currently has 61 million shares outstanding fully diluted. Dilution is not a bad thing if it raises cash judiciously, if it can be done strategically so much the better, if it can be done as part of a customer acquision, so much the even better and lastly if you just get bought out well that is best solution of all, but it seldom happens without the need to raise money.

As a former VC the old saying is "Do you want a smaller piece of a much bigger pie or do you want all of nothing?" I will always opt for a smaller piece of the bigger pie. But this is just discussion and all I am saying is that some people would have you worry about raising some money, its a good thing if it happens and if its never needed thats good too.

If the SP stays at $1.50 then the Dec warrants (1,000,000) are no good, if it goes above that then they will be cashed and add $1,500,000 to treasury. My guess is we will need to raise a little money unless we are bought out or a strategic investor comes along before the summer. Selling 5 million shares would dilute us less than 10% and raise $7.5 m, bump the share price and likely guarantee the warrants would be purchased for another $1.5 million. $9m would take us a long way toward a mine if a strategic investor or buyer does not materialize right away.