Ann: Update on transaction with Silvercorp Metals, Inc., page-10

Given that 90% of the deal, as it stands, is scrip, the negotiation will be over how many SVM shares CLA shareholders will receive in exchange, thus how much dilution SVM shareholders are willing to bear to acquire the project.

So we have shareholders vs shareholders here.

The deal is for ~$50M of SVM (plus the cash component), their cap is currently around $500M, so they are looking at 10% dilution to acquire MCB and have CLA holders join them.

If any sweetening occurs, it will have to trade off their development cash vs increasing dilution of their own register, which will obviously have its own host of grumblers.

I hope all the grumblers are made satisfied and we get this over the line.