It is probably just an Asset acquisition that they are banking...

It is probably just an Asset acquisition that they are banking to transfer into Ionic at a later date; a bit like Rwenzori, Management pick up the underlying asset as cheap as they can using a clean Company structure, do a progressive JV with IXR to do the necessary exploration and then if it stacks up transfer the Asset into IXR.

This approach has several advantages, The Management of the Parent Company can not be held liable or to ransom by the Host country, Directors are one step divorced from Australian scrutiny and Anti-trust regulations and thirdly, it allows the holders of the Holding Company to make a profit when they sell/transfer their shareholding into the Parent Company.

You will find that most Australian exploration Companies who do business in third world countries operate this way, If the S#!t hits the fan they can exit stage left and leave their Country Manager of the Holding Company (usually the local Co'Sec or a Junior Manager) to carry the responsibility. But If they succeed in the Project/Venture, nobody is going to be complaining.