There are several questions here. From where I sit, I see that...

There are several questions here. From where I sit, I see that CLE will become a fully owned subsidiary of Vale. First they will get nothing. Then they will get 30% building to 75% when they have DTM. Then they have a option to buy out the remaining 25%. It is in their best interest to do so.
Vale's interest is only in Iron Bear. I would hazard to guess that if Vale brought out CLE then these other projects would suffer a curiosity look and be relegated to the bottom drawer. And then allowed to lapse through inaction. There would be no value placed on them during the negotiation of a fair price for the remaining CLE shares, the discounted value that is likely to occur and the bargain price that Vale would want.

Hence, there is value in divesting us of the projects. They are distraction value to the main event. They cost money and will cost money. Money that CLE does not have at this moment. CLE cannot tap into Iron Bear's piggy bank. Those days have long gone.

There is value in the other projects but they have to be value added first which will take funds. That value has to be taken away from the Iron Bear deal. There is also the EUR shares. They have no value in the Iron Bear deal. It only sweetens Vale's honey pot.

Thus at present we have the NZ gold leases and a couple of Australian prospects. And the EUR shares. Call them "the Ancillary". Tony sits across both chairs. The EUR shares are not being sold on Tony's recommendation that the EUR shares will rise. SOON. That soon is as long as a piece of string. Time is running out as the start of stage two of the Vale deal changes the landscape. The landscape has already changed.

Thus we have three choices. Get rid of the ancillary. Value add the ancillary and get rid of them or let sleeping dogs lie. There is no value to the shareholders in the latter. In the former two There is a choice of keeping any funding in the company or giving benefit to the shareholders. There is good sense in getting rid of the ancillary.

What is the ancillary worth. I think that the Moosh Moosh deal put $4 million on the projects and EUR shares are $3.5 million. Which is 0.7 cents a share.

Do you use the EUR shares to make the projects worth $8M? That is no value for effort. So the question is could you use the EUR shares to make the projects worth $12M. This is a better proposition. Or do you do a CR.My belief is a CR adds to the SOI and has an effect on the Iron Bear deal which is why we are all here.

It is like swimming, if you are not swimming, you are drowning. If you don't do something you are lost and have lost. This has a time limit.
Something has to be done which is a win-win for the shareholders and Vale and we must not forget RM.

Which brings up what was said at the GM. Firstly please understand this. You can have the best apple pie recipe in the world. You can assemble the best ingredients in the world and employ the best chefs in the world. But if the pie does not go into the oven and the oven gets turned on and heats up, there is no apple pie to share. CLE went to every broker in they could to get funding for Iron Bear. They were skint and one step away from calling in the dogs. RM stood up. They were ruthless and have a very RM eccentric deal. One of the conditions is that everything is cleaned up and squeaky clean and a new board. They also have their hand well into the kitty. (some of the deal has been centred). But they provided the oven, turned the power on and the pie is cooking. A well baked pie is a lot better than a could be pie. I look forward to a good slice of well made, well cooked pie. This will do me but I will not say no to a dollop of cream on the side.