CDLGold,
It is a very delicate environment once inside and so far down the road with one suitor under CA. You want to extract the best deal while at the same time not becoming so confrontational or stubborn such that you alienate your potentially new partner.
Direct threat of competition is not required for leverage in the negotiations, AEM is fully aware of the potential for other suitors to come along with an offer. The biggest threat to AEM in taking so long to come to terms on a good deal is EXS marching on to grow the positive results in their drill programs. As EXS announces good results, (todate they have reported consistent hits and decent grades that are endorsed as feasible for mine production). As more of these events occur, theoretically the higher the value of the deal becomes and the more potential partners are attracted.
If I were in CD's position my attitude would be one of complete cooperation and an almost cavalier attitude towards the time they are taking. The luxury of this attitude is precipitated by the availability of funds to continue to drill, prove the model, and complete N43-101.
So yes, I believe there was some sense of urgency to get the PP to continue the drill programs. Now that they have cash, they are in a much stronger position to negotiate. I don't believe it was a desperate situation but certainly a smart move even though we shareholders only see it as dilution.
The CA may include a clause to prevent EXS from talking to anyone else until they collectively make a decision. Usually that would come with a time limit. Typically this would be a hard date but both sides able to move the date with mutual agreement. I don't believe CD will let this time carry on unless he feels there is good reason. More good drill results, respectable N43-101 report, price of gold increasing all work to CD's favor so I believe delay is not as big a deal to him as it is painful to shareholders to sit in the dark and hold our breath.
JMHO
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