Why wouldn't they consider selling shares in Canada?
Assuming they get listed in the next month, why wouldn't they sell shares to Canadian institutional investors instead of doing a PP? They could keep the shares locked up for a few months (typical for most deals that I've seen), but it wouldn't be anything close to a US PP in terms of duration. This would lower the liquidity discount. They might have to setup a Canadian subsidiary to receive the proceeds, but that shouldn't be difficult.
This is of course predicated on them boosting the valuation through business development. Selling shares at the current valuation would be prohibitively dilutive and I doubt any insider wants to do that.
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