Finance risk - need $200 million. A company with MC of $18 million isn't likely to be able to raise that.
Anyone with $200 million to invest would be nuts not to buy the Co out cheaply and keep all the profits. This is the most likely eventual scenario in my view.
Perhaps a faint hope of a joint venture if the project is attractive enough.
As indicted in the announcement, next step is more drilling. Good drill results would improve the chances of a joint venture or at least push up the buy out price.
Ann: Sulphur Springs Value Engineering Study, page-10
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