Below is part of MGY ASX announcement today:"The termination of...

Below is part of MGY ASX announcement today:
"The termination of the proposed merger frees Malagasy up to concentrate on the ongoing drilling programme at its exciting new Ianapera Nickel-Copper Project, located in southern Madagascar, where it recently announced that it had intersected a zone of massive and disseminated sulphides in its first drill hole into the target.
Drilling is continuing at Ianapera, where Malagasy is testing up to 11 massive sulphide gossans containing anomalous nickel, copper and PGEs, located in the north-eastern part of its broader Ampanihy Project. This Project appears to contain a large mafic-ultramafic system with the potential to host significant nickel-copper-PGE deposits."
Whilst we don't know the drill results the company is certainly prepared to take it's chances on positive results. Cancelling the proposed merger will stop a massive dilution of the stock so any positive results are certainly going to have greater impact on the share price going forward.
Regards
Buffett