I was told the guys behind this are the same guys that did the AEA deal last month, both are backdoor resource plays and were for a similar amount.
AEA was a 30c raise with shares coming on at 50c before running to 75c, they are now sitting at 60c.
The guys who told me this also said they thought that ECE had picked up the assets for half the price similar miners in the area are valued at and no added upside for exploration and it seems that the resource will be upgraded.
Anyway will find out this week.
ECE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held