So CMY has sold a tenement to CMI for 1 million cash and retained 40% of that tenement in shares, so they have extracted around 1.4 million in value from the tenement in a round about way.
The bit below in the announcement is a totally different deal and unrelated to the above.
"CMY intends to participate in an energy company joint venture with an investment of A$100,000 for a 17% share"
Thats my take on the announcement.
The plus side is more cash in the bank (1 million) and a partner who can make use of the tenement which otherwise would sit idle, and retain 40%, seems a very positive announcement to me.
CMY Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
