It comes down to pretty much 3 options available as far as I can...

It comes down to pretty much 3 options available as far as I can see:

A)
- Capital raise to the allowed limit - @16c - $28m - Unlikely enough
- Request SH Approval for another $28m - Still unlikely to be enough
- Loan Facility - Note Holders secured creditors (Can’t make any mistakes), likely comes with some freebies

Lots of Dilution and no guarantee the BOD and Exec team can deliver. Benefit is we still have LLL if SP rises significantly.

B)
- Scrip / Scrip cash offer.

Benefit from Gold if new owner delivers the goods. Diluted upside to LLL.

C)
- Cash offer

No benefit if Gold comes good. No benefit directly from LLL, unless you move your cash to LLL.

If Morilla turns out to be a dog, dodged a bullet.


Fourth left field is LLL gets a TO offer and FFX BOD agree with purchaser to support. Get plenty of cash for their 210m shares. How wisely will they spend it????

IMO Not advice