absolutely sensational deal, page-30

Yes you are missing something the deal is in 2 parts as clearly stated in the ann:

1)the proposed farm-in agreement HD Mining will sole spend the sum of AUD$8 million over a period of 2 years, at the rate of AUD$4 million per year, in order to earn a 50% interest in the Company's Yalgoo iron ore exploration tenements.

2) the proposed subscription agreement HD Mining will subscribe for 2 million ordinary shares in the Company at the price of AUD$2.00 per share to raise AUD$4 million.

Not what you imply at all. Another UMC hater obviously