Ann: Notice of Extraordinary General Meeting/Proxy Form, page-46

Think about this guys - if we don't hit anything on these campaigns we would probably be trading at 7-8c. A CR comes along and now we need to raise for more exploration.. so possibly $3 Million @ 5c (60M shares) or $5 Million (100M shares) -- that's a fair bit of dilution as well.

Scenario 1:
Let's say our current trading at 13c values LRV @ $10M market cap.
We buy Hillgrove worth $20M for $8M ($108M Shares) + $2.5M cash (35.7M shares) --- New Mcap = $30M (222M SOI)
SP = 30M/222M = 13.5c

Scenario 2:
We hit nothing, trading @ 8c = LRV value = $6.2M
We CR $3M @5c for more exploration (60M Shares)
SOI = 78M + 60M = 138M
Value??? $10M
SP = 10/138 = 7.2c

Scenario 2 could easily be worse if they raise more eg $5M then we would have 178,000,000 SOI and valued at $12M Mcap would mean a SP of 6.7c. These are just pretty high level numbers, but I think unless we hit pay dirt the reality of this small cap is we would be raising more for exploration soon anyway. We run the risk of not finding anything.

If we say Eyre hit and our Mcap goes to $25M again like the REE announcement (SP 33c) --- add this $25M to the $30M value of Scenario 1 -- our SP becomes $55M/222M = ~25c only 8c off what is was before.

Remember we all have the option of buying 2:1 at 7c as well to minimise the dilution.

I dunno, could be way off here but I think it might be a blessing in disguise.