Visby has real people with a track record of operators in...

Visby has real people with a track record of operators in Colombia and as importantly - money! Tiger has no money... how do you expect LCL to do a drill campaign in PNG with AUD$1m because thats all they're getting! All this does is enable management to not try to raise money for a month or two. With Visby's guaranteed AUD $7.5m upfront - yes, they can do a drill campaign. I would not underestimate the challenges of fundraising right now. I'd go with the sure thing of all cash upfront any day in this environment.