Pretty good announcement. Only 75 million extra shares, much fewer than I was expecting.
All-up cost for EVG would be $15m to gain a 60% share of the new project and a cash payment by Novus to EVG of $30m for tipping in the plant. I suppose that would mean that in future any further use of the plant outside the Novus projects would be on the basis of EVG no longer having 100% ownership (but this is a long way off).
I wonder what the cap raising will be at - hopefully at least 11 cents.
JID now needs to spend about $1m to buy another 7.5 million shares if he wants to maintain his share of the company, while I only need to spend $12,000 (as a bit part investor/speculator) to do the same.
loki (bit part investor/speculator)
EVG Price at posting:
13.0¢ Sentiment: LT Buy Disclosure: Held
