Hi D T , I looked at the ownership of Westmoreland and Tackle Resources Pty Ltd a 100% subsidiary of Laramide owns the project .BOE may be able to to offer 45 to 50 million BOE shares to all LAM shareholders valuing the project between 180 and 200 M AUD. LAM is valued at 192 M AUD at todays close and BOE already owns 19.7% of LAM reducing the number of shares if offered. There is 15M options that may receive a cash component. This type of proposal would value the remaining LAM projects a near zero with cash on hand The adjoining Murphy project in Northern Territory is different it is not part of Tackle Resources as it was a JV with Rio Tinto and RT have a buy back clause if the project increases to a predetermined size. David Crisafulli the Liberal-National Premier for Queensland does not appear to be budging from dropping the mining ban in Queensland leaving him at odds with Lib-Nats in Canberra . This situation needs to be addressed before and offers could be made. I also note a 2016 PEA shows project to produce approximately 3.5 million pounds average annual production this will have to be updated. I am sure Duncan is doing a lot of work behind closed doors on future development why would you appoint 2 directors there background , not only to sign new uranium sales contracts. But I hear also development of Natural Gas in Queensland is going ahead if I hear correctly.
BOE Price at posting:
$4.06 Sentiment: Buy Disclosure: Held
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