At current share price of 0.17, TGZ are buying GRY's 4.7M oz Au for about AUD$12.50/oz. That is less than discovery cost!!! GRY's Reserve ounces will make up around 35% of the combined entity, however GRY shareholders will only own 15% of the combined entity. This offer is a steal for TGZ shareholders and should be 2x higher to be attractive to GRY shareholders. I will be voting NO.