@ Token.As RMS is paying solely in shares, what we are talking...

@ Token.

As RMS is paying solely in shares, what we are talking about is the relative proportion of RMS that BRB shareholders would own. Whether shareholders cash in and leave is purely an on-market transaction and does not impact a merged RMS/BRB.

At the moment they have offered 1 x RMS for every 2.82 BRB. If they were to value our resource at $70/oz (as against the current $32.80/oz) - a figure still only 60% of what they paid for Apollo, then we would need to see an effective price of 59cps or moving the dial to 1 x RMS share for every 1.9 x BRB shares.

This in no way cripples RMS - it just means the relative proportion of RMS owned by existing holders vs BRB holders changes.