Possible takeover, page-4

I think an all script merger with SAR would make the most sense.

SAR
820 mil shares
MC $1750 mill
EV $1850 mill
350 kOzpa
EV/oz $520
2.1 MOz reserve

DCN
210 mil shares
MC $580 mill
EV ~$700 mill
200 kOzpa
EV/oz $350
~2 MOz reserve

Offer: 2 for 1 SAR/DCN
So issue 420 million SAR shares to DCN shareholders for combined 1240 million shares
If the combined share price stays around $2 then DCN shareholders net ~45% on current DCN value

Combined SAR DCN @ $2 per share
EV $2500 mill
550 kOzpa
EV/oz $450
Reserve 4.1 Moz

SAR shareholders would add 60% onto their production and double their reserves while only issuing 50% more shares. Also pick up resources exploration ground and mid tier status.