"For now: the Florence program is funded and COI has a 43.75% stake ..."
a 43.75% stake in CRR
However,
"CRR has entered into agreements where Pine Brook has the right to invest up to US$100 million to advance the exploration and development of the Rocky Mountain and Pacific Northwest projects in the US."
If Pine Brooks increase its contribution above the $19M then COI stake in CRR (and by consequence its stake in Florenec and all other US projects) could reduce down to a minimum of 5% unless COI matches Pine Brooks contribution.
I admit I haven't seen the cost estimates for driling the US projects. However, would have like to have seen the most prospective target on Florence drilled first before considering this agreeement.
Regards
SP
escapes the states. , page-22
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