Ann: Presentation - Energy Fuels and Base Resources Combination, page-99

you not getting the point. if arbitrage possible now then it is worth considering what is the price of UUUU and then buy base now and sell tomorrow morning on NASDAQ. No One can do that now.

Second, the higher the prices of UUUU the more power it gives UUUU to get back on to the table and re-negotiate the deal because any d**b person would not give away UUUU shares at 43.97% discount (if UUUU reaches $11.68+) to base holder no matter how much value base has as Base still not approved and not mining for the years !!!

I bought BOE, only because of Uranium. That is how you get the exposure to Uranium locally (I am sure there could be other stocks as well, but BOE books looks like they don't need imminent capital raise as they have $99,000,000 cash in the bank).

comparing with UUUU price probably more relevant if and when deal is signed off and UUUU makes unconditional offer after all approvals are obtained so sometime in July/Aug.