Ann: Successful $15M Capital Raise and Media Speculation Response, page-20

Through their existing cash balance and balance sheet SFR could significantly reduce the cost of capital for the development of T3. If MOD wanted to go it alone it would be large dilution (could be a need to increase SOI up to 600m) and probably 10% interest on debt.

SFR also bring with them excellent mining experience and in particular UG mining which will come in great use as most of the mineable resources along the belt appear to be be high grade UG deposits. They also have processing experience and relationships with smelters etc etc

I think of MOD as an R&D company, a prospect generator, and they have certainly found a prospective underexplored area and developed a method of exploration in order to pinpoint targets.

Interested to see where this goes..