So why don't you probe the existing Directors as why they didn't do this as part of the due diligence? i.e. test a small section of a core?
It would have been cheap exercise (say 1m, half section of their selection) and perhaps provide a better see through of the transaction value. Or where they inexperienced (look at their Bio) and afraid of a more significant dilution if the cores did come up trumps?
I think the transaction was pre-ordained as the fall back option for Estrella was a shell without any real purpose.
It is a backdoor listing by any other name, with a very early stage exploration project vended into it.
ESR Price at posting:
4.7¢ Sentiment: None Disclosure: Held
(20min delay)
