Ann: Voluntary Suspension Update, page-52

Djs0276,
A t/O or merger requires an offer,, shareholders are notified, the asx does not need to review it.

This is something that is not normal business.

I doubt also its for cash , as tnr has 8m worth of options in the money.

They can have cash any day.

But drilling, a share subscription does not nesissarily mean cash in for shares, it can be services provided.

They want metres drilled and mentioned ongoing.

Two choices convert option now and continue and pay full price or do a deal with a contractor for cheap drilling.

It may work like this,

20,000m, x shares, 50,000m x shares, 75,000m x shares staggered.

Thst way tnr gets drilling done without paying cash, the contractor gets paid shares.

Or tnr could pay 50% of the drilling in cash and 50% offset in shares.

Also the tarmoola earth contracting business does not have rigs, adding a drilling contractor there, would greatly bolster there offerings.

But I feel its more you drill x metres, we give you x shares, may have a ozs component also, to base qty of shares and price.

If so, not your normal share subscription and maybe why asx take so long.

One needs to think what tnr needs and does not already have. Rig capacity at cheap metres.