So Comet pays $5m to MIM in shares via MMM as part of the...

So Comet pays $5m to MIM in shares via MMM as part of the acquisition of MTM (in addition to the $5m non-refundable amount paid by MMM to MIM), then Comet turns around and buys MMM for 73.5m shares (~$14.7m at 0.20c).

There is only one clear winner in this deal and it is the shareholders of MMM (effectively the Board of Kaiser Reef, from what I can see searching the stated entities). They make an easy $10m which no liability, unless CRL shareholders vote down this deal.