That’s what makes this transaction such a great deal for Riedel shareholders. No upfront vend in either cash or shares to pay for the project.
The 90% project interest is acquired solely by spending money exactly where it should be spent - in the ground on exploration and development.
Year 1 and 2 spend in euro (300k + 700k) is still less than AUD1.5m.
Riedel has $2.8 million in the bank so sufficient funding is not an issue at all.
Ann: Rights Issue Closure and Notice of Shortfall, page-6
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