Ann: New coal tenements to be acquired , page-17

Hi Rob
Good post, in answer to your question - the $5m is just arbitrary. The company says the value of the put is not material to the existing cash balance so must be significantly less than $15m.
An auditor will have materiallity threshholds for certain transactions at 5&10% so yes I am clutching at straws and trying to establish a "look through valuation"
Just dont understand why the board dont (and previously refused) give us the number.
The $25m I speculated earlier was based on the market valuing RES at $80m ish (for 70% of the new resource.)