I would like to think it’s a first offer bid, but I’m not so...

I would like to think it’s a first offer bid, but I’m not so sure. The market will likely tell us.

but the reason I think that I could be the start of a larger play is that there is a binding term sheet for shares at 0.15c. These are guaranteed. I ask myself why would the company need that much in working capital when it has money in the bank. Was it at the insistence of silvercorp? This way if they miss out they still get something or it lowers their overall cost of sale by taking a rather large position from the outset.

If I read it correctly the spin co will also be funded with $4m

I have been in another buy out where HC was a buzz with increase in offer price etc. whilst I would love to see the offer price higher - I will believe it when I see it.