Ann: Offer to acquire Reward Zinc JV Interest,RXL-IMI.AX, page-39

After many years of holding on I finally sold RXL a few days ago. I found the total lack of follow-through from management and from Teck following the really good announcement confounding. I thought that surely they would raise capital or Teck would make their own announcement as to their intentions on the project. But there was silence and that pushed me to finally and reluctantly sell out.

I may be proven wrong but having involvement with IMI looks like a real stinker on the face of it. If it's a strategic play to flush out Teck then it seems a very high risk strategy for very little cash (or equity) return. Surely it would still be better to retain Teck as a partner than IMI? Surely RXL could raise $2m cash on their own without entering into a convoluted deal with the like of IMI?

Perhaps there is something else going on here that we haven't considered but I find today's announcement bewildering and frustrating.

GLTA