Ann: Quarterly Activities Report, page-5

I agree. if they can close this deal, even flat (ie no cash, but the acquiring company assumes all debt and other liabilities), the company is a shell, with nearly 100m of accrued tax losses, and some attractive exploration targets. definitely will justify a decent increase from the current 4m market cap.

if they do a raise post that, they can fund their exploration targets to production at much more favourable levels or current shareholders.

closing out tancoal, whilst sad given how much of the company and managements tjme has been spent developing the asset, will be a transformative transaction