The most interesting thing that came out of the release was the Contingent termination clause
1.4 Contingent Termination. Unless the Board of Directors has received one or more commercially reasonable bona fide offers for investment in the Company or otherwise available for moving the Chloride Copper Mine into production, by debt or equity, totaling in excess of Five Hundred Thousand Dollars ($500,000 U.S.), cumulatively or singularly, on or before June 30, 2012, and unless such offer(s) has been accepted and the transaction(s) closed by September 30, 2012, this Agreement shall terminate and no party shall have any rights with respect to the other.
This clause clearly states the company believes that financing would be in place no later than July, and likely believes that it will be secured much sooner than that.
I also wanted to weigh in on the pricing. Archer is sitting on a pile of convertible notes (something on the order of $80k) that he could have very easily cashed in on below .001 (could be as low as .00048) and flipping that even at .002 would be a substantial profit. So we could easily see substantial profit taking on any big moves, which is why we have seen it drop real quickly from the highs.
