kraemers return, page-15

the August 2010 MOU ann talks about an 'exploration JV' between mnm and exergen at MNM.

how does that get interpreted to mean no BM JV until after BM JORC? There will not be much 'exploration' to do at BM post JORC.

the obvious thing for MNM to do is hold back the BM exploration JV signing until after the 6c shares and ops get allocated in October. if the MNM share price stays around 6c during the CR period then probably 50%+ of the 32 million new MNM shares and 32 million free 7.5 ops will end up in director hands under the sub u/w deal.

if the BM JV appears after the shares are issued then the MNM SP only needs to get back to 9c for the new shares and ops to deliver a (combined) 100% gain (ie, 3c profit on the new shares, and the 7.5c ops would also be trading at around 3c if the heads are 9c.)

the reality is that if the BM JV heats up in November then the MNM heads are going to get back to 12c+ very easy, there is no sign of sell depth to stop the line wipers doing what they did in January.

12c heads = a 200% return on the new 6c shares and ops.

If I was on the MNM board I would be doing exactly what they are doing.