The way I see the deal is:RXL paid 110m shares@30c plus $6.1...

The way I see the deal is:

RXL paid 110m shares@30c plus $6.1 exploration fee extinguishing = $39m for VMC's 300k oz defined resources, so RXL paid $130 per oz. That is a decent acquisition by any standards. Moreover, VMC didn't lose any of the upside, in fact, VMC is more pegged to RXL price as 110m shares euqals to about 1/3 of RXL anyway.

At 30c, RXL (post consolidation) has a market cap of $100m including $10m cash for about 1m oz gold, that equals to $90 per oz, so VMC receives 40% premium whichever way you look at the deal.