Ann: $1.75m Funding in Place, page-15

The problem(s) with Cannon are multiple - firstly and most importantly, it was always a very modest size resource albeit a relatively high grade - remember SLR owned 12.5% and could have easily appropriated it, but it deemed it not worth the trouble and sold out .... at market ... oh and I the sense to follow them. Secondly, too much is made of WGX involvement with Cannon ... they were desperate for ore for their South Kal plant, which NST bought (having plenty of ore sources to put through it) and turned their noses up at the uneconomic residual Cannon.
Thirdly, it's obvious that SAU has no bankable geological talent in house, let alone the ability to develop a mine .... LOL !
So the reality for long suffering shareholders is that it remains SK or bust .... and the sooner the WA operation becomes a low cost skeleton operation the better .... remember the punch line to a "Field of Dreams" .... build it (the story) and they will come (and buy the story) .... no sign of 'they' yet, and really they haven't built anything yet either - SK remains a concept ! Thanks to Trump, SK is a safer place, but is not yet mineable.
This cap raising merely seems to ensure MD and BOD salaries for another year. This cap raising is not proof of life - just a small infusion to keep the zombie animated for a further limited amount of time.