Ann: RECOMMENDED CASH OFFER BY HANKING FOR PRIMARY GOLD, page-58

Unfortunately the company didn't raise enough capital to keep the wolf from the front door. I guess they thought they were going to get the ore through a plant and create cashflow. Timelines for this were missed and now they need the money. IMO this deal saves everyone from going broke in the absence of a higher bid.

I wish it was a higher bid but based on how low the share price was its close to the ball park as theres nothing but dirt out there !

IMO its a done deal and shareholders have avoided massive dilution !