I doubt they need 4-5 million. If KXL is down to $100 er foot drilled, I am guessing Sage could get it for $200. A million bucks will let them drill 5000 metres which would defintiely allow them to turn the top 200m into swiss cheese and give an idea of what they have.

they could easily justify a flow through financing at $.20 or higher. whether that would fly n these market conditions I don't know. I would expect to see some significant insider participation