.OK that was a very pleasant surprise for an Announcement.Was...

.

OK that was a very pleasant surprise for an Announcement.

Was only talking the BMD deal over with the wife some 30 mins earlier! They must have heard us. lol
And we could not believe how bad it was for MGT.

Now after reading the Announcement today from MGT I can see a "clearer " picture of what was really going on.

Our Management have "outmastered" RFC Ambrian (BMD) at there own game in a masterful stroke of maneuvering!
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COMPANY ANNOUNCEMENT 29 OCT 2020.

In the circumstances the Company is continuing with PFS studies and investigations and also continues to pursue the potential of the NextOre Pty Ltd (NextOre) ore sorting technology on the Project, which the Company holds exclusivity for Magnetite (Australia wide).
On 7 October 2020, the Company announced that it had entered into an agreement with NextOre to supply a mobile
bulk ore sorting plant using a Magnetite Resonance sensor for a trial of the NextOre technology

NextOre was formed in 2017 by CSIRO, Advisian Digital and RFC Ambrian, NextOre supplies Magnetic Resonance ore sorting solutions to global mining companies that applies mineral sensing technology developed by the CSIRO.
NextOre’s Magnetic Resonance analysers apply a form of radio frequency spectroscopy to generate quantitative measurements of target ore minerals in production applications.
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It will be my educated guess that to get the "technology" ie: Magnetic Resonance sorting technology MGT was being "blackmailed" by RFC Ambrian to do this shocking deal for funding via a farm-in-agreement.
No agreement [farm-in] no Technology.

And our management played along until it had signed a deal on 7 Oct for the supply of a mobile bulk Ore sorting plant locking this in.[see in RED above]
Next when asking for the Proposal to be revised/amended due to non third party funding being excluded now [and possible changes to farm-in %] BRN declined to submit a full proposal leaving the door open for MGT to exit the deal cleanly. MGT has funds and can raise more if required in the future.

Best we have not lost potentially up to 70% to BRN & RFC Ambrian.
This gives us more "value" to our shares and effectively has increased their value due to no more BRN dilution! Fantastic.

Yak52