Ann: Recommended and Unconditional Takeover Offer Extended, page-6

I've clearly indicated I'm a Bullzeye shareholer, I'm also an EMR holder, and as things stand it looks like I'll be more of an EMR shareholder in a couple of months time. But I'm not sure what that has to do with my prior statement about drilling being slowed.

Your own two posts above confirms that definition of resource and reserve have been pushed from end of CY2023 (which they had been stating for well over a year) to "early 2024", You could make an argument that anything from Jan to Apr is early 2024. There is no money incoming at Bullzeye. When EMR got a majority interest they terminated the arrangement for hauling dirt to the processing plant, which was providing Bullzeye with some income. Bullzeye last fundraise was March, at which time I recall they owed EMR around $3M for loans + interest, and the latest announcements from EMR have clearly indicated that they continue to loan more to Bullzeye, the facility was recently extended to $10M off which $8M was already drawn down. More will be needed.

EMR clearly felt that the Bullzeye thing would be done and dusted many months ago, actually they though it would been sorted 18 months ago at the first takeover. It's impossible to conceive that the timeline of drilling has not been affected by the drawn out nature of the takeover. Clearly EMR would be throwing money into the Bullzeye opportunity if they have full ownership, but who can blame them for at this stage only loaning money and taking a more circumspect approach whilst the eventual outcome is not entirely written in stone. You also can't blame them for timing key announcements such as the uprated reserve/resource for the Bullzeye projects to best effect.


Yes the expert has been tasked with determining if the deal was to the detriment of the other shareholders, however as the deal was cancelling courts case, cash payment, and shares, to make that determination he may decide that another valuation of company is required, if he views that the working valuation was grossly under.