strong late trading, page-4

The most obvious way to get past the escrow issue is if someone was to make a successful takeover offer for VUL.

The most obvious acquiror would be SMM so as to get a clean 100% interest in Valhalla and Skal deposits. However, I would imagine that RSG would want cash and not SMM scrip, although they may take SMM scrip or a combination of cash and SMM scrip if the scrip is not held in escrow.

EME may want a clean 100% interest in Bigyrli as well, and the Ngalia basin tenements that VUL hold 100% interest in, but given their very modest market cap, EME is an unlikely acquiror unless they cut a deal with SMM.

Given the financial situation of both EME and SMM a takeover would most likely be 100% scrip if it was to eventuate.

If I was a betting man, I would guess that one day (although it may still be some time away or may never happen) that SMM would want a 100% interest in Valhalla and Skal, given their size and scope for further increase in resources. Or, alternatively, someone (possibly a Canadian) may take out both SMM and VUL.

These are just possibile scenarios.