Ok deal, but not great!
1) $4m drilling may or may not be enough (may need capital raising)
2) BML still need burn cash (at much slower rate) for pay for salaries - so capital raising is not out of question
3) No equity stake by BCL (ie they don't subscribe shares), so NO dilution for BML holders
4) The agreement only cover 143km2 out of 2500km2 - further up side
5) Sell at commercial rate
6) BCL is own by government's create certainty in the project AND renew lincense AND can fast track many hurdles compare with if JV is eg Chinese investor - this will put BML in front of other people's projects
IMHO it is a fair deal for both sides, but not extremely great deal for BML. Neverthless, it gets the project moving forward.
Ok deal, but not great!1) $4m drilling may or may not be enough...
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