re: Ann: CHN: Option to Acquire Dragon Mining... Based on the announcement I am disappointed.
The money is okay, however, DRA has provided CHN with the Option to buy... CHN can still walk away from this if they want to.
By comparison, DRA has committed to the terms of a possible sale to CHN regardless of any possible further upside (eg more discoveries).
Thus DRA has given away ALL possible future upside to 30/6/10 whilst CHN hasn't definitively committed to anything.
I would have thought that this would result in some consideration being payable to DRA from CHN to recognise that DRA has waived its rights to sell to another party during that time period or enjoy any further project upside.
It appears, however, that CHN has paid NOTHING for this option.
Poor deal IMO and has limited DRA's upside here, whilst CHN has not committed to anything at this point in time.
Cheers
John
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