"We do not need 5-10 million right now."

In further support of what you are saying, I believe JB recent said that the company wants 10 million for drilling and "other" projects.  So, yes, it is important to observe that not all of the money is required at one time.  Until we hear otherwise then, I'm thinking that raising 2-3 million dollars by private subscription is very doable to kickoff drilling Phase 1a.  Then, the balance of that 10 million fundraising can be done at a much higher share price. 

Thanks.