We'll see. You might be right. If it were me, I would finance a company only if there wasn't a lot of debt that had priority over mine in case of default. If Sichuan lends $20,000,000 to PGRX now, PGRX would have to come up with about $170,000,000 before Sichuan would be clear.
If Sichuan were to lend Passport $20,000 now, Passport would have to come up with about $60,000,000 before Sichuan would be clear.
Is PGRX nearer to mine construction than Passport? First, PGRX says it has completed a pre-feasibility study but there is no record of such a study anywhere. It is not on the website and there is no sec filing of one. Secondly, even if there is such a study and even if PGRX finishes its feasibility studies a year ahead of Passport, it would need to finance its capex to the tune of $1,000,000 or so. Can they do that a year sooner than Passport? Maybe you think they can. I don't.
