Ann: DLE Makes Strategic Cobalt Gold Acquisition-DLE.AX, page-2

The project acquisition is basically all shares, and given this structure I would suggest the seller believes in the project:

150M ordinary shares in DLE

62M performance shares:

A: 31M for 50KT of cobalt at 0.3%
B: 31M for 100KT of cobalt at 0.3%

The blurb on recently appointed MD:

Jonathan King Seems like an accomplished individual who would have plenty of projects / options in today's market, whats he doing here:

"The Tabac Project represents one of the most exciting exploration opportunities I have seen to date. The sheer scale and grade of the Project relative to its peers presents a compelling investment opportunity to capitalise on the recently forecasted shift in demand for cobalt in cathodes in lithium-ion battieries. "   Jonathan King

This is a strong statement, he has certainly seen many opportunities in his time.

"Subject to shareholder approval, Mr King will also be entitled to 10 million employee options with an exercise price of $0.03 and expiry date of 31 December 2019."

His options only have upside from 3c, or from 100%+ growth in SP as of today.   That means he's basically valued the project north of $21M (560m+150m * 0.03) as a base case and sees upside.

This seems like a legitimate attempt to define a large economic cobalt resource, both by Mr King and the current project holders.

Now the only question I have - wasn't the due diligence period 7 days from the 14th of September?