announcement, page-5

I'm with you on this littlefishy
i would prefer EXM retain 100% of the assets rather than a j/v, both scenarios have a major dilutionary effect but as i have said before i believe dilution for the right reasons is OK
If they can raise enough money to see this thru the transition then this company will have further derisked and even more so with drilling.
shares on issue will be large but no doubt this will be delt with at an appropriate time, recent comments from EXM allude to this ...."As Excalibur moves into a period of increased activity, the structure and nature of the company will continue to evolve." from MD's letter to shareholders.
IMO this will be a good thing. Want to see any placement going to strong hands and fresh capital/shareholders should support the company on its road to production.