CXO didn't spend any cash, but issued CXO shares of approx. $500K valuation to LIT for 10% of the entire CHR share register - all projects.
They then have the right (assuming CHR do not take their pre-emptive right) to take 30% of Bynoe for a further cash consideration of $500K.
Thereby valuing Bynoe project itself, at around $1.5M.
I guess CHR will be looking hard for Niobium to keep the SP elevated. If they have success and rocket, that's cool too as CXO will make money having paid around 7 cents per CHR share (based on CXO current SP) for their 10% holding.
CHR Price at posting:
8.3¢ Sentiment: Hold Disclosure: Not Held
