we’d want to hope the share price goes much higher than 9c if we are going to pay $500k (5% of $9m mc) and 1m shares.
the milestone payments are very very very favourable for the vendor so if PNN is going to execute then you would hope it’s based off the expectation of at least a $25m mc + rerate .
Ann: PNN Completes Drilling Program at Santa Anna Project, page-5
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