share price, page-5

I also think you're on the money SD.

It was indicated in MAK's Second Supplimentary Bidder's Statement of April 21 what they're facing:

"In these uncertain times, it is proving extremely difficult for small capitalized companies to raise any meaningful funds by way of equity. For this reason, MINEMAKERS CONSIDERS THAT THE MERGED MINEMAKERS AND BONAPARTE ENTITY WILL PROVIDE THE BEST OPPORTUNITY TO SOURCE EQUITY CAPITAL (my emphasis) and access free cash flow from sales revenue to fully advance the
combined phosphate interests held by both existing companies."



Cheers.