Flow Through money raised in Canada must stay in Canada and be used for exploration. Very little of that money may be used for administrative costs. I believe it is less that 10% but not sure. That means they have 1.6 Million to put into the ground up in Ontario.
Well that is nice and fuzzy because when SMH was in Toronto the company raised about the same amount and put very little of it into the ground. When the company moved to Langley and the new CFO took over the "error" was recorded, identified, and CRA was pleaded with. A penalty was assessed. End of story.
I have my money on the table that Bending expects this cash to go to Guyana and or pay for the split out and that cannot be done. Difference this time around - new poker location, new board, new CFO, and they know CRA will not let them kick the tires one more time.
Interesting stuff this raising money is. What Shoreham needs is hard cash - NOW! Cash that will get them over the hump to the real signing of the deal with Sardine Hill, i.e. the legal paper that says Shoreham owns the rights etc., and not some Letter of Intent written on some restaurant napkin. Once the real deal sets in it is my belief that this will materialize into a real meal deal. Mulgravian will get listed with the Sardine Hill as its property, and the cash flow as "tomskis" has identifified will start.
Otherwise folks hold on tight and keep your eyes on Dundee. If they start selling you best be out the door with them.
