@bull_man - What Deacon is questioning is the value proposition of the concluded share offering.  His contention is that the business model is flawed because FIS doesn't generate income and that over time a succession of offerings needed to fund operations dilutes a float to the detriment of long term shareholders.  It's a pretty standard arguement.  He's promoting a later staged development in Quebec as a better alternative because it would come into production and generate cash flow sooner than FIS would.  I need some higher beta stocks in my portfolio so his pitch is moot to me.  The flow-through offering, however, was done at a slight discount to the premium of other flow-throughs.  Any  ideas on that?