fbx its a scrip for scrip deal with a reasonable premium to gry...

fbx

its a scrip for scrip deal with a reasonable premium to gry trading price. Unless you think TGZ mgt are no good - this is a positive

i think GRY knew they were in death's valley because everyone who saw the stock would see it as cum financing so theyd struggle to make SP rise - because of assumption major dilution was aroudn the corner.

I also think this highlights that some mgt teams ultimately get worn out by African bs that hinders project progression.

Much easier to get permits etc when you already have a mine, cashflow and the ability to fund all the extras without stress

mind you - i bought GRY as a t/o target as I said to you last Nov .

the only complaint i have is that the offer premium should have been around the 70% mark. Thats about where recent deals imply the tradeoff is between knowing gold devleopers are v cheap but knowing cash is still not readily available to build new mines