Personally, I dont really care if Lole onsells our interest in the EL as part of this deal. Clearly FNT wasn't able to secure a better offer than that of Lole's - which makes sense. So far as i can tell, we dont have a sale if Lole doesnt meet the prerequisite conditions, and this onsale may be the only way it is satified. So be it.
I get the feeling that receiving the $2mill in cash/shares is a far better return that retaining the EL whereby being forced to commit funds to a project the Board has (seemingly) moved on from. Then you also have the issue of retaining the EL in the face of Lole/TEM looking to move forward with the mine, PNG Govt renewal risks, etc.
I feel working with Lole/TEM is a far smarter decision rather than digging in the heels demanding a better deal.
Ann: PNG Project Sale Update, page-41
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