I agree I think there would be no need to go to the public as the shareholders would snap them up. Here are some numbers from a poster on stockhouse.

You know TLG actually estimates the cost of putting the mill in production at 43 million.
If TLG were to approach the shareholders to finance this project through a Prefered offer all they would actually need to issue is 2.5 million prefered shares.
TLG estimates the cost of production (please correct me if I am wrong) of everything at $250 per oz of gold but just to be safe double it to $500 per oz to mine and mill everything or 22 million per year to operate
TLGs estimated return is,
10.5 million pounds of lead and zinc at say $ .75 cents a pound for $7.9 million (is there any other by products?)
1.3 million oz of silver at $18 dollar per oz for $23.5 million per year
44 thousand oz of gold at $900 per oz for $39.5 million per year.
for a total revenue of $71 million per year less the $22 million yealds $49 million net per year.
Hell TLG could be debt free (redeem the prefereds plus 12% interest) in the first year. the next two years at this rate of return would total 98 million or $.79 per share for a .04 cent stock.
This is a wierd market for sure there is no option but to hanging on (maybe even pick up alot more shares).
Even in a fire sale of this property TLG should be able to get what they put in ($29 million) which is worth $.20 cent per share.