grandbridge holdings the key !!!, page-17

Hi johnno8,

based on the spreadsheet (which was based on eco presentation), if no options are exercised (including directors) you are looking currently at around 7.5 BPH equals 1 advent, if you assume BPH takes up its full entitlement. I suspect since cash flow may be tight without the oppies, then the take up of the full entitlement is uncertain. However, I have a suspicion MMR may exercise some BPHO regardless of the BPH share price at option expiry (as a PDF can not buy shares on market). This naturally will depend on the MMR cash position (which I suspect will require a boost from option conversion itself), if MMR was targetting full option conversion.

Still some unknowns, as only MMR, Talbot and BPH forwarded their funding per announcements and apparently Advent is "fully funded". So does that mean no extra shares needs to be placed before the first drill? This will change the %'s. Hope they clarify the full shareholding of Advent soon, as this will clarify each of MMR's, BPH and GBA's % stakes.

Cheers