RE: Warren contacted me I was similarly contacted by Warren and I would like to say that he did take the time to clearly explain the corner they, and the rest of the juniors, are in over raising cash, so must give him good credit for that (and he had to look back to find my phone number). This merger would seem to have been the only way forward, so I guess we have to be grateful.
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A few observatons that came from this (as best as I can manage the next day, so no guarantee):
.1) Raising cash really is next to impossible (unless you have a rich set of insiders or similar), you get 1/10th of the fund-manager meetings you used to get, not enough to actually get a "bite". No cash = no survival or development. [Minco have cash of course, and share assets ($17m I think, plus royalty).]
2) The valuations and merger ratio is based on independent advice & valuation they have to take from financial advisers, there is no element of "negotiation" based on the as yet unfinished PEA, room to change the 60 days etc.
3) The co-list is a matter of high priority, but Minco can't do this until after the merger, so although all the paperwork will be prepared, there will be a wait while the exchange approves it.
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I didn't think to ask how the PEA valuation is looking and how soon it will be ready, not sure whther it is delayed awaiting cash even, nor how far the Minco cash will take the development.
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So here's hoping our 26% of 100% works out. And we don't know how much of Mincos cash will be put into the BMC projects vs their own (that is, how soon will they need to dilute to raise further cash for these projects).