do these guys think we are dumb, page-25

Exactly.
if the find was confirmed by analysis, the shareprice would have rocketted and why not do a rights issue then to existing shareholders, who would have jumped at the chance. Also, it would have shown loyalty to the shareholders, apart from raising more cash than from "the deal".
If the deal goes through, we have a major shareholder who can vir5tually control the SP. ( Look what happened to INL with a major shareholder or JRV).
I think IMHO someone is taking someone for a ride.