A lot of that expenditure came from issuing shares to vend in tenements.
Here's some:
2010:
Purchase of North Minerals - Shares and options valued at $6.875m
Purchase of Zeta Holdings - Cash $1.2m
Purchase of Abbots Exploration - Shares and options valued at $11.26m and $700k cash
2011
Purchase of 13.4% of Anuman Holdings -Shares valued at $4.034m
Purchase of 56.6% of Anuman Holdings- Shares and options valued at $28.404m
If you want to dig further you will find links to similar deals valued at about $80m done with GPN (now PDY), AGU (Which later merged with PDY) and YRR a few years back.
As with PDY, AGU and YRR, the tenements yielded little value to any of the listed companies but those who received the shares and cash did very well. Almost all tenements have been relinquished by the companies over time.
DUO Price at posting:
0.6¢ Sentiment: None Disclosure: Held
