Aman, I've been pondering that too..It's possible the CR is for...

Aman, I've been pondering that too..

It's possible the CR is for the infill drilling to prove up Antas North into a Reserve, however, that would also have been a condition for the funding from the Banco too in which case they could simply have raised the cash for the drilling from a CR and left BR out of it..

It's this lack of logic which tells me they are likely hitting two birds at once: securing (ring-fenced) finance for Antas North and separate funds to progress development on PB and 'Stage III'

As it's all under one corporate roof, the tax liabilities on operating profits on Antas North can be offset against capital expenditure on PB and other exploration activities..

If this pans out as I suspect then Mgmt will have achieved best possible bang for dilution buck and accelerated company development far faster than what should be possible in the current climate to become truly corporate. If so, I wouldn't be surprised if Glenstrata come to the table with a funding package either at some point in the not too distant future as they won't want to see BR scooping up all the honey..

Just my thoughts you understand..

BT