There's a few things going on here; - Funding for the...

There's a few things going on here;

- Funding for the acquisition of Bluff
- Funding for BME and Isaac
- General CR for working capital (they only have 1.6 quarters of cash left)

This will be primarily about Bluff, and possibly some working capital.

It's possible they may use M Resources for BME and Isaac, or even funds from Bluff depending how quick they could get it into production. Note that for BME and Isaac they seemed a little vague on how they would fund it.

So for me, it will all be about how much Bluff is going to cost. That will determine the price for the CR. I have seen huge discounts depending on how much cash is required. I am genuinely just guessing here but i would not be surprised to see a good 20/25% discount from closing on Friday. If they ware going to work on an average SP over the past week, a 10% discount would see them in the mid to high 6's (the same mark someone was offloading millions at for the last few weeks).

I genuinely have no idea but would not be surprised to see a lot shaved off the 8.5c to fund Bluff. And without getting too far ahead without seeing details, i am OK with that. The transformational acquisitions do not come cheap/easy. Long term game here.

The important thing is it is still tightly held here. You get either another cornerstone investor/strong partner, and the SP will remain strong. Don't forget about the all the options being exercised here, and the skin in the game the Directors have. I still firmly believe this is one of the best growth stock opportunities going around at the moment. You can never be sure in this game, but you can do far worse than backing Jorss/Latimore in to do something special.