I think it was the hope that they could get the mill going in Q1 and use the proceeds to fund exploration, but obviously there were delays and that is not possible. Even if they get it started up soon, it would take a while to ramp up to full production, so unfortunately they had to do a PP. They still have to have "general working capital" adn they also have to spend another $1..25 miillion this year on McFauld's to get to the 55% ownership level. At leat it was done at a premium to the current SP.

It has always been my understanding that they want to get to that level as soon as possible. IMO that is a good move because I truly believe that at some point someone is going to come in and start buying up the various interests to consolidate the area play...especially as it pertains to the Chromite.

I hope this is the last financing UC will ever need...