exm potential takeover target, page-2

You read my mind Sag.

I think the current cap raising was a way to eventually increase the value of EXM if a T/O is on the cards.

The way I see it is that yes, we did have the funds to drill the current campaign without needing to do a cap raising, but that would have made EXM more vulnerable to a low ball T/O offer as we would be out of moula at the end of it. What's that saying, asset rich but cash poor?

This way, we have the funds to drill to our hearts content, we have an expanded share register of hopefully sophisticated investors, and we will have a hopefully much larger JORC than the initial $1.7m would have allowed us to have.

So I think that the board decided to play defensively, trade short term gain off against a much larger JORC, and if and when a T/O does come, it will have to be decent.

Just 'morning after the night before' suppositions!