"...with ensuing royalties of $3.50 per tonne of ore processed, to a $5.725 million
maximum (inclusive of foregone royalties)."
The piece in brackets is important, since it seems to mean that whatever BSM run up in royalties this year (~$1M?) will not be paid but will form part of the $5.725M. Therefore, if I'm right in my thinking, the total payable in royalties will be around $4.725M. To that we must add the value of the 3.1M new shares and options, i.e., $465,000, then we see that INL is to receive about $4.725M + $465,000 (total $5.19M) + free options. This seems like a fair deal all round to me - BSM get to keep cash now, when it's needed, and INL get greater long term rewards (especially if BSM shares rise in price). I'm not sure if my reasoning is 100% accurate but would anyone expect Mike to embark on a bad deal for the company?
log jam, page-15
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