Hmm I think you are exaggerating the cost just a tad don't you think.
True they would probably have to prepare a prospectus like any other public offering. The share holders are listed with the registrar and I expect sending out the prospectus would not be much more expensive than sending out the AGM reports.
Shareholders could subscribe for up to the amount they already hold immediately and perhaps some extra if there are some who don't subscribe by a certain date. Some may not want any one cent shares. I certainly would be interested in subscribing for 2 or 3 times my current holdings.
As for the concern regarding buying on the open market at .01. That would average you down but doesn't put any money into CBS for drilling on the silver, gold, Rhenium, and update the PEA which is what we all need to happen. I figure most are trying to buy as cheap as they can (.005 if they are interested at all). They would then get diluted trying to raise cash after a consolidation. However financing at the same time changes the picture I figure and buy at .01 if it financed drilling PEA etc makes the offer far more attractive.
I figure those that don't subscribe will be chasing the stock and averaging down at a much higher price than .01 cent after a bit of drilling.
OR the vultures can make a fair offer to the shareholders.