Ann: Significant Cobalt from Initial Sampling at Aue Project, page-13

It could be that the market now sees Watershed as a genuine liability. If the transaction falls over, we're left with it which means we need to fund and develop it, or find another buyer.

When the cash is in the bank and we've been relieved of the liability, then we can ask the market for a rerating. A low SP probably doesn't hurt the SH vote in favor of the transaction either.

And I have to disagree about the mismanagement with respect to the CR. We had no choice. Imagine going into a negotiation like we did with zero cash. We'd be screwed. At least we showed we can raise capital and we're prepared to at least give the development a crack. The CR cash no doubt helped us secure a better price than we would have otherwise received.