New No 1 World Gold Producer, page-36

You make some very good points Duke. You said:

"Things have taken so long now at NAG to get going that if someone come along and offered 20-30c many would jump at it!"

I think you are right that there would be an Initial response to 20-30c & may pick up 5M - 10M shares but I'm not sure if any more. We had the opportunity to sell at 20-30c in Q1 & Q2 of last CY. To get another batch I think the price would have to go to 50c to pick up maybe another 20-30M but that's about all imo and 40M isn't even 10% of 500M shares (incl C- Notes). 

All speculation on my part of course and I'd love to see it tested. I'm of the opinion we will see it tested by an Offer sometime in the next 12-18 mths (if not the next 6 mths). Maybe I'm wrong and 50c would pick up a swag like 200m? Not mine though.