your 250m at 40c assumes no new shares. The project is fine but is NOT funded, the company has no money and has been surviving on handouts for at least a year , I suspect the ceo went as a cost save and maybe the bfs is delayed because there is no money for external consultants to complete it, who knows, I doubt they can find a major investor without it.
the mc is 20m and you would turn down an offer of more than 12 times that. I doubt you will have that dilemma.
I hope there is a solution that rewards retail investors but it won’t be on the lines you seem to expect.
good luck
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