Northcutt certainly knows Niocorp is strapped for cash. They also know better than anyone what the short-term prospects for Niocorp are. They still paid a 10% premium rather than receiving a 10% discount. This isn't pump my fists and give my wife a high-five kind of good news, but it is a positive sign. I'm a little surprised by the muted reaction both on the boards here and in the market.
Financing seems pretty close to inevitable to me at this point. I expect to be at least moderately pleased with the return on my investment, and I am holding out hope for ecstatic.
From Niocorp's perspective, of course they would rather pay via shares.
The point is, Northcott wouldn't accept those shares as payment if Northcott were not confident in the future value of those shares. To me it's a solid vote of confidence.
I think it is hard to answer this because the expenses have changed away from engineering and all the work needed to prepare the BFS and toward financing. Salaries have gone up, overhead for business expenses to run the offices (Elk Creek and home office) probably about the same.
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