You're dead right there, Steepascent. Even at a quick glance...

You're dead right there, Steepascent. Even at a quick glance this seems a clearly superior proposal:

* greater total consideration - $1.2M is real money - is more than the last RXL raising
* 3X the cash component - I can't remember when RXL last has $6M cash ...
* much more suitable shell not requiring as many approvals, so less conditional
* buyer is already an explorer - for base metals, in JV with Tek, no less. Must be worth something ...
* this offer has less complexity, too etc., so more likely to go ahead.

Compared to what the directors thought was acceptable before, I can't see that they have any choice but to accept it and to disentangle themselves from IMI.

What a shame for RXL shareholders that this offer was not surfaced before ...