Hobbes,, All junior mining companies have to be funded in one form or another to fund their exploration and P.P.'s seem to be the simplest and typically the norm. The attraction of the P.P. is the warrants that come with them. Shareholders may typically not be interested in purchasing shares in a particular company on the open market for one reason or another, but the lure of a share with a warrant attached to it at possibly a bargain price in the coming year or two as share price evaluates, is much more appealing. Havilah will definately have P.P.'s to fund themselves as they will no longer have access to SLI money. This funding will at the same time cause a proportional amount of dilution of Havilah shares.