I think we can safely assume a few things:
1) The quarry owner never intended to sell the business to CNQ.
2) Even if it was his intention to sell, CNQ would not have the money to buy.
3) Had CNQ to issue shares in order to take up fresh capital for a buyout, it would mean hundreds of millions of new shares.
4) $5M would require 700+ million new shares to be issued at A$0,007.
What were CNQ's prospects of ever getting back to let's say 3c if that many shares (1B+) were outstanding?
I think we can safely assume a few things: 1) The quarry owner...
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