In my experience the Company presents an exploration plan and perhaps a corporate plan that will require X dollars. The Financiers provide that money up front if they like the plans. I've never seen any guaranties by the Company related to the completion of any work programs. The money comes in and the shares go out to the Financiers. There are no contingencies. What the KAT gang has done is strictly unknown to us. It looks to me like it's a line of credit type of financing. These are rare. Results never enter into any of this. Some financings are custom - made agreements. Bottom line here ? .. We do not know what strings were put on that original $5 million. We do know that more than $2 million is in and spent and the third million is now being drawn into. I'm not yet comfortable personally about the shares issued despite no more showing up in the year-end financials. I wish they had been audited. FWIW I am expecting to hear that the original financing deal is dead now and they are looking for new financing. I hope I am wrong.
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