I spent a good while talking to Neil Novak after Noront's luncheon yesterday. The financing was cancelled because the offering through IBK had clear time limits associated with it. Although extensions can be sought, and were, the potential purchaser was just too slow at closing the deal. Under exchange rules, any further extensions would have required disclosure of all parties who had been in negotiations during the entire offering period, and they didn't want to be identified. So Neil yanked it. Expect to hear about a new offering soon, with different terms.

The cancelling of the offering had nothing whatsoever to do with any actions by SPQ shareholders, no matter what they may think.

The money will be used for an aggressive exploration program, so expect some action soon.

Lar