Ann: Mt Morgan Au-Cu Project Sale - Definitive Agreement Executed, page-2

Good to see some news, it's been very quiet around here for the past month.

I would imagine most would have written off this Smartset deal as not happening given it has been over 12 months since it was originally proposed, so great to now be locked in.

GBM to own 47.5% of the new Smartset entity, or 20m shares post consolidation. Assuming they can raise the $8m in equity at CAD 50c per share as proposed, that makes GBM's 20m shares worth around $11m AUD. With our current mcap of $32m that is a huge reduction in our EV down to $21m. And that's not taking into account a potential White Dam sale/monetisation on the horizon which should also make a big dent on our EV.

Let's see if Smartset can pull off the cap raise at 50c per share, but so far this is an excellent outcome for holders.