It's all about Paris. Apparently the Torque MD, Cristian Moreno, approached Tolga Kumova and Evan Cranston about the Paris project a couple of months and they've taken the bait, providing $1m cash plus whatever is in Aston's kitty for half of Paris. Seeing before the announcement Torque had a market cap of a bit under $15m and Aston had a market cap around $13m the deal does not seem disastrously dilutive for TOR shareholders (presuming the Canadian asset has any sort of value). Of course if the Edleston Gold Project is moose pasture then we've just given away half of our already diminished value.
Someone on hc has been referring to CM as a second hand car dealer. Sure, he's a different cat to your average WA gold executive but you can't but give him kudos for being able to close a deal. No doubt Kumova and Cranston got dealt a good hand here but the fact is they bought CM's pitch and now own TOR shares (along with the driller, the prospector and a few others). Seeing both of them will make up half of Torque's board of directors (with EC joining now and TK joining on completion of the deal come April or May) I'm hoping Torque will push on with toll treating what they already have at Paris.
I also see that Alston will be lending Torque up to $300k a month at 8% pa but that money is for paying for the transaction costs rather than for the drillbit.
No idea where we go next with this company. What will be will be.
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