A fair price in an unfair world, page-261

SK will get 20% of newly created shares at 12c if they want them; if not, capital funding hole. First uncertainty.

The agreement depends on finance being found by a certain date. Second uncertainty. If not met, there may be further negotiations.

The agreement depends on a mining start by a certain date. third uncertainty. If not met, there may be further negotiations.

Not saying this can't get up, but it's nuts to pay more than SK is prepared to pay once finance has been found and mining has started.

That's why there are more sellers than buyers, by the way.