Bollinger,My understanding, although I may well be wrong and...

Bollinger,
My understanding, although I may well be wrong and stand to be corrected, is that A "proportional takeover" is a hotch potch. It utilises parts of "Takeover", "Joint Venture", "Free Carry" and other such vehicle terminology. It would appear to be carried out on open book "friendly" terms so that the parties (one in need of cash, BMN - the other (Company X) in need of the resource) get all the benefits of the best parts of the various vehicles without the negatives. Some may argue that no matter what the route it will end up dilutive for BMN anyway. However it (Proportional takeover) may well turn out far less dilutive for BMN. Dont forget these PFS, BFS etc., figures when it comes to building a mine are only ball park figures - so in today's market it is prudent to do a deal with one of the "friendly" rich rather than have all of the rich circling like vultures should the mining budget hit an "unforeseen" obstacle - at which point the vultures will swoop for 10 cents on the dollar - sorry 3or4 cents in this market.