Don't mind this deal at all.
All scrip option to purchase Cobalt project with Cobalt-Manganese mineralisation.
CPS is the advisory.
Elected not to raise capital presently but might do so down the track (at higher price most likely).
Performance shares only vest upon proving up 1,000,000t Co resource >0.1% grade (pretty standard grade for Aussie cobalt projects).
And "directors will continue to seek company enhancing acquisitions and intend to maintain a close working relationship with CPS capital as a potential source of future funding"
Current SOI 2,302,640,813
at 0.004sp, MC=$9,210,563
if all goes well and resource is proven and performance shares vest, it will add 300,000,000 shares so MC would be 2,602,640,813x.004=$10,410,563
Not bad at all for a proven cobalt project.
There are oppies as well... 430m ex Dec 2017 at 0.003 which would produce $1.3m cash for the company and take MC to 3,032,640,813x004= $12,1m fully diluted with around $1.8m in cash so EV of around $10m for JORC proven Cobalt project (plus possibility on Manganese?).
Sounds good to me.
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