looks good on the charts, page-53

Grizzly

Our views are poles apart!!

"You see BMN buying the 20% they don't own with money they don't have

Yep! absolutely! Only they wont pay cash, BMN will purchase the 20% with a share issue to CJ & NM ... Copy this post, paste it on your wall, and remember me when it happens! :)

probably at a discount to that which the vendors could attract by accepting an offer from a major

CJ & NM will have no choice but to accept BMN's offer, as they will not have the cash to fund the next stage.

Now, if however CJ & NM are approached by a major for their 20%, then BMN will have the first right of refusal. And if as you mention, they are unable to match a higher offer from a major, then all well and good!! The moment that higher price is announced then the BMN Share price will immediately go straight up to match it .... Game on!

"Giving them a commitment to fund more of a project than they already have"

Immaterial IMO, because while raising funds for CAPEX will be BMN's main issue going forward, if they can raise $340m (80%), they will have no problems getting $400m. The reason being that funds raised will have to be in conjunction with off-take agreements, so expect a deal involving these parties to include fund raising.

I see heaps of positives - where you see negatives.

But all good stuff!

;)