I suspect it was more tactical than that. Bluebirds goal was a startup approach for ***ong under $10m. i.e we are probably going to need about $5m of early capex there. This deal could potentially allow us to do that with no dilution.
SAU is too illiquid though. I know they like the tight capital structure but I personally would be for a 5 for 1 share split. I think if this had a share price around 5c and more liquidity it would trade a lot better despite no real difference to the company. Plenty of people out there who don't understand MC.
Ann: Underground Phase of Cannon Gold Mine to Proceed, page-7
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