The price was locked in at the date the agreement was executed...

The price was locked in at the date the agreement was executed and announced in March. It now looks like very fortuitous and smart management by IHL because at these prices if the deal was done here at 36 cents it would have cost 346m shares or an extra 128m shares in dilution by my rough calculations.

This BOD has historically got the corporate timing pretty well bang on and that's what happens when you've got so much skin in the game and you care about the share price. Having $40m in the bank atm with how bad the broader market is looks like a pretty good result also.

Ted.