Totally agree - there is significant dilution but then Carbine is acquiring what appears to me to be a reasonably attractive project where the vendors are taking up shares indicating their confidence in the resource. Realistically shareholders have very little alternative but to be thankful that Carbine has a project which could bring value to the company in the future - Carbine had churned through its cash resources and any future project acquisition for Carbine was always going to require the issue of shares/dilution.
Acknowledging the dilution from the share issue - the only aspect of the acquisition that "grates" on me is the consolidation that is also being thrust onto existing shareholders. Existing shareholders have little alternative but to grin and bare what the BOD proposes - the outcome could have been far worse be it even greater dilution from any acquisition or ultimately delisting of Carbine.
Shareholders at least have the option of either exiting on relisting and taking a loss or going for the "ride" and perhaps accumulating more shares/averaging down later depending on their current average.
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