From what I have figured out it means that in the acquisition was considered SDV and that GMM have brought into that at 29% which matched what Anthony Tse mentioned in the SMI video.
Someone else pointed out that it absolves GMM from having to pay the $18 million towards Mt Cattlin.
James Bay required a further $5 million to be spent before the 50% was acquired however how many mines of that quality even at 50% ownership would be sold at $5 million. - If there are any they would be picked up before they hit the market.
At the moment I think that General Mining's right to ownership of James Bay was not included in the 1.65 per GMM share and I think that GMM holders should have received a better offer based on the return Mt Cattlin and James Bay would have been able to generate in the short to medium term.
I think it was @shades2 or @airconditioner predicted GMM might be picked up around this time.
@asahee GXY diluted ownership by JVing with GMM in the first place. I am still trying to work out if this is a further dilution or not. - What is your take on that?
GMM Price at posting:
69.5¢ Sentiment: Buy Disclosure: Held
