they have raised cash as part of the payment for the deal or for...

they have raised cash as part of the payment for the deal or for other investments.

Their timing IMO is perfect...

Let's look at the deal...

Purchase price c$165m / $0.66 ps

this against a project with an NPV $2.97bn..

Straight up... the offer is low (i would suggest 10% of NPV as a low offer so $297m, 50% higher as a minimum)

But since, high grade potash has been found in the HWS & also the opportunity to reduce upfront costs by a third c$580m.

Both of which not included in the PFS (NPV $2.97bn), so one could say the economics of the project would be significantly improved and the NPV would be substantially higher if the company were/had published an up to date PFS...

hmmmm ...

Then if you add to this..

The project area has only been explored by 10%...

One could say their timing is almost perfect, very astute, clever...

but bordering on ridiculous for ELM shareholders