An ideal scenario IMO would be: 1) Firstly, prove up some...

An ideal scenario IMO would be:
1) Firstly, prove up some resource from phase 1 / phase 2 Lac Rainy
2) CR by placement to a cornerstone investor - Nanhai Carbon would be a good candidate for this

Looking at the last quarterly MLS had $2.1M. Should be enough money to finish phase 1 Lac Rainy at the minimum, and maybe just enough for phase 2. Therefore, IMO management should attempt to do the CR later after getting Lac Rainy results with the hope of boosting the share price (hence, minimise dilution).

CR with a cornerstone investor would be nice as it will give a massive boost of confidence and boost to the SP IMO. Since MLS already has relationship with Nanhai Carbon, management should explore this option further. I'm sure Gino has already started looking into this option as his other company MTC also took similar path with Dynavolt (although it fell through at the end) and finally BCC -- note that MTC SP has now gone to shyte but that's a different issue.