caution...., page-2

The problem IMHO isn't the MoU - I think it's almost certain they'll have 400m in the bank before this is over. Rather, this sentence:

"On successful completion of the proposed transaction with MCC, the Board intends to follow
an investment strategy to acquire assets at either company or project level."

This is enough to scare the pants off many investors. Instead of handing back the 400m to shareholders they're going to buy historically extremely risky assets (mining assets) at what is now looking like the top of the cycle (global economy slowdown underway). There is a significant risk of large capital losses from their next investment and IMHO the share price needs to be discounted significantly before it gets interesting. Many listed investment companies, some with excellent portfolios - e.g. MFF which holds dominant multinationals acquired at relatively high earnings yields, are trading at 20% to 25% discount to NTA.

CFE needs to seriously consider handing back the cash to shareholders rather than pursuing more mining acquisitions. In the short term it will fluctuate (they always do in these situations) trading closer to NTA then fall back but long term it's a poor investment IMHO.