At the risk of being a laughing stock I'm going to put a different spin on it.
Morgan Hart and Co have dangled a nice juicy carrot in front of the Bullseye team and they have gobbled it. EMR have not parted with a zac (apart from the costs of sorting out the Share Register) in the process. The perception is that the deal has cost $117mil but I'll believe that when I see that amount missing from the balance sheet.......which it won't! If they had used borrowed money to transact the deal then you could add at least 30% more with interest factored in because most of the lenders don't let the principal get paid off for a few years. That would have been cause for concern!
The other perception is that we have been diluted circa 20% but that would be assuming that the Bullseye operation is worth zilch which I'm sure its not. I'm damned sure that MH and the other directors of EMR that hold ~20% of EMR pre dilution would not be entering this deal to see maybe $20mil of their own hard earned go down the crapper. At least every current EMR shareholder ranks exactly equally in this deal and I can only imagine the amount of squealing that would be taking place if some other backdoor investor had been let in to get the deal over the line.
Obviously a lot of confidential info has changed hands during this process and I'll bet that the Bullseye boys know more about what is going on in Cambodia than anyone around here does, and, What the EMR directors know about Bullseye could be interesting to find out in the not too distant future, unless the whole deal falls over.
As for keeping the Sprott $100mil for development, have we all forgotten that there's a mine up in Cambodia supposedly making some pretty decent coin. That is where development funds will come from and the Sprott money may never even get used.
Fair enough to assume that the Share Price "might" come under a bit of pressure when those extra shares come to market but currently the SP seems to be holding ground with that specter hanging over it.
Just my thoughts.
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