The Ibaera deal dilutes at project level, not in issued shares. Once they have earned 47% through spending $18m on the project, it is a JV situation.
My info is that they will spend $6m before the rainy season starts, which is a lot of drilling. Then it’s resource calc and reserve modeling time.
Lots of opportunity for a $7/oz junior to get treated.
Good to see the $1.5m went to strong hands
Ann: Azumah to raise $1.5 million, page-3
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