@rivermore It might happen eventually but doesn't really make sense right now to me. DEV have paid for the privilege of getting a good luck under the hood at Sovereign and will know with greater certainty what is there towards the end of the year when they drop some diamond drills (Sept/Oct). Surely they would wait until they have greater certainty on what is there before making a play for it in its entirety? Of course they may have to pay a greater premium then...
An all scrip bid wouldn't deplete their cash reserves at all, so I am confident the raise is for exploration as they have stated. They need the cash for diamond (and AC/RC) drilling which is expensive. Raising cash has actually diminished DEV's placement capacity for an all scrip bid, although they could get shareholder permission to place more shares at any time.
Promising to read the announcement from MAN today (diamond drilling to commence at Newleyine around 14th of June). Our 100% owned tenements at Toodyay lie smack bang in between Newleyine and Julimar. If their results are also positive, could Newleyine do for Toodyay what Yarabrook Hill (CPN) just did for Sovereign Hill???
