Not sure whether any readers are familiar with how shares are...

Not sure whether any readers are familiar with how shares are issued in return for exploration expenditure as in the Merdeka strategic alliance agreement. I'm not. Given that trading is very light and quite variable with SUM, the 5 trading day VWAP could be selected to favourably suit either Merdeka or major shareholders IMO. All we know is that the calculation for the current quarter has to be done before end of May. "Normally" one would expect to put up the cash as late as possible so it may be possible that the "exchange agreement" hasn't been enacted yet. If not, can we expect a price spike (10%+) - up or down in the next 10 days? Have I been reading too many conspiracy theory books? Friends of Merdeka could sell one big parcel below current market price or alternatively friends of large shareholders could buy at a premium (but have less control over timing) to influence the strike price and hence the level of subsequent dilution.