EXK sold ~4M shares for that $16M adding ~4% to their O/S count, Canarc just did the same thing in March for $2m, to fund a year's worth of G&A forward. If Canarc sold shares for the $10M in funds needed to start the mine, it would inflate the O/S count by about ~34%. When they indicated they were looking at a 60 day DD review period with the financiers, I don't think the 53rd day is when folks should start worrying the PPS hasn't doubled yet.
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