I may be a bit slow but will offer the following...
My understanding....
Porter and Co whilst under a 249d challenge signed up to a 50/50 deal with the other
party essentially in total control......
A deal like that is hardly ideal as a precursor to raising funds....
viz::
"so you want $10m to develop a copper/gold mine project, so what are the details
and how are you going to go about it"
"our partners are in control of all that, we just need to give them $10m to participate".
Very simplistic I know but you get my drift...
Poisin pill of a deal....
Rocky, page-11
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