Sale price 50M ordinary shares and 30M convertible notes to 30M shares total value $3M as well as $2.65M.
This would appear to significantly dilute the shares as well as chomp at cash reserves.
However, BDO indicate a share price in the range 18.6 to 35.4 after proposal and placement. It would appear that the acquired tenements justify the deal.
Proposal in the mail today as per ann of 2nd.
I hold but keep them as a tax write off to be reviewed in mid-June!
Sale price 50M ordinary shares and 30M convertible notes to 30M...
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