S4,I'm not sure what you mean. Just because an entity buys a...

S4,

I'm not sure what you mean. Just because an entity buys a number of shares at a premium doesn't mean the entire amount of shares on issue should trade at that same price.

It's all about market cap and if the entire 102,210,486 shares on issue were all worth 55c, LML's market cap would increase to over $56M (from current $38M). Based on current resource estimates and small % of DSO ore, I don't honestly think a market cap of $56M would be justified.

Another thing to keep in mind is that if the Steel Mill had tried to buy 15M shares on-market, it probably would have caused a huge spike due to a massive disparity between buyer/seller demand. Plus it wouldn't have helped LML in the least as what they REALLY wanted was the $5.2M to reclaim ownership of Gum Flat plus expenses.

So when you think about it, the steel mill was wise to arrange this share issue at a modest but fair premium that reflects a good outcome for both parties.

LML is no SFR, the grades are lower and there's less of it. We aint gonna see $3.80.