From Stockhouse PJO has 90,738,738 shares on issue. Bolnisi owns...

From Stockhouse PJO has 90,738,738 shares on issue. Bolnisi owns 73.6% of them, i.e. 66,783,711 shares in PJO.

Hypothetically then, if BSG was to accept the offer of 2.715 Coeur shares for each of its PJO shares, but at the same time remain a separate entity, then it would receive 181,317,776 Coeur shares. Now, from its website BSG has 276,587,321 shares on issue, plus 8,955,000 unlisted options. Therefore hypothetically, on a fully diluted basis, the offer would amount to 0.635 Coeur shares for each BSG share.

Hold on a minute!

The 181 mil CDE shares BSG would be entitled to if it remains separate, @ US$3.90 and $1.21 exchange rate would be worth A$3 per BSG share which values the non-PJO assets of BSG @ 30cents. Nothing for blue sky.

Norm Seckold stuffed up big time with the Gammon Lake JV. WE missed out on all the growth there after doing the leg work then and it seems the same this time.

If this happens as proposed Norm will go on my black list.