Tibber, I too never understood that kind or 'reasoning' or 'logic'.

Unless a junior company has a sugar daddy, how are they supposed to raise the cash. It is kind of funny. I can hear the sidewalk superintendents say they should have done it at higher prices but as you said, in this day and age when lending institutions are in trouble, this is a coup. Many lenders are refusing to lend to other lenders for fear that those guys cant pay back, so when Sage as a non-producing company can come up with some money to advance the project, that tells me that "someone" in the banking world is a believer in Sage A N D the management team.

Take care,

Jerry Francis