Ann: Independent Expert Deems EAR-MKO Merger Fair and Reasonable,MKO-EAR.AX, page-6

Metaliko shareholders holding 60.36% of Metaliko’s shares have given Statements of Intention to accept the offer...

...Echo requires shareholder approval to issue shares under the Offer to Mr Michael Ruane and his associates who are Metaliko shareholders. Mr Ruane is deemed to be a related party of Echo as a former director and substantial shareholder of the Company.

With such a tightly held register, to me that reads extra shares to be given to MR / board members / top 20 to sweeten the deal. I guess we find out the fine print from the EAR general meeting minutes