I was going to crunch some numbers tonight, however I would think 80% of manna (in the hands of GL1) is roughly worth (to the market) the increase in GL1's EV, including increased SOI and reduced cash. BRB's (free carried to BFS) 20% is then worth much more than 25% of GL1's 80% (with exploration and study commitments). On top of that, BRB has risked cash inflows from milestone payments, linked to Manna. Like I said I am yet to do any numbers, but I would think that comes out at more than $8mil.
Most people's attention seems to be caught with the $ figure due today ($13mil) and therefore I think BRB's deal making to get 20% free carried to the point where they actually know if it is worth something is severely underestimated. Not that @HaastsEagle and a few others didn't make that point earlier today.
All IMO, please DYOR and GLTAH.
BRB Price at posting:
28.5¢ Sentiment: None Disclosure: Held
