I don't think the market will value BGS on 100% cash backed since there is uncertainty on what the next acquisition will be... They may spend the $100m on a dud asset...FWIW, it is a low ball offer but just shows management were never in it for the long haul, wanted to make a quick buck then out... Not really a good way to treat loyal shareholders who will probably see none of the cash
Ann: Letter of Intent for Sale of the Bougouni Lithium Project, page-91
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