Okay, I'll take a stab at it.

I see three options to fund calendar year 2015 expenses (admin & project).

1. Secondary offering and or flow through placement (with or without 1/2 a warrant), sometime in the next couple of weeks. This assumes that the PEA will not be delivered until calendar Q2 2015 (Apr - Jun), as suggested by the latest MD&A.

2. If pp terms are not acceptable, there are almost 1.5 million options, exercisable at 60 cents, expiring in December. Does anyone know off hand who owns these options (AE & ???)? In a worst case scenario, the option holders could exercise the options and sell shares into the market to cover the cost of shares plus taxes. If all of these options are exercised, ZEN would raise almost $900K.

3. Deliver an an economic PEA and then follow up with a pp.