Agoracom

As per May 30 Press Release:

"...The proceeds will be used to fund continued development of the company’s proposed Ruby Creek molybdenum project..."

Adanac of course faces a capital expenditure of $500M+ to bring Ruby Creek into full production. The "continued development" refers specifically to payments required to take possession of mining equipment previously purchased (with deposits placed), as delineated in earlier Releases. My understanding is that it also will enable some level of construction to continue.

I believe the company is in able hands and despite the current challenges in the Jr. financing market, they remain on course. IMHO getting that bridge financing puts them over the hump, because it brings money-movers on board the project and adds momentum.