What you also have to take into account is the PNR's gold holdings in PNG. Nicholson gold money will help develop the PNG gold mines and that could be anything.
I think its a great deal for BNR shareholders - directors actually doing something for the shareholders.
With 100% of Nicholson now PNR will probably go to 15c. Having 2 owners depreciates the value.
And they are talking about 750,000 to 1m ozs of gold potential at Nicholson.
Only up side given the overcall on mining to date.
Ann: Pantoro Secures 100% Ownership of Nicolsons,BNR-PNR.AX, page-14
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