RE: Drag Along ClauseAccountant007 - I believe you are correctamundo. We'll get dragged into the remaining 23% 'buy out' - provided one takes place - at the share price that effectively makes Ernesto and Elmer happy. Which will likely be good anyway.
Interestingly though, there may be a case that sounds something like this. Elmer and Ernesto hold 10s of millions of shares with an average price of 'very little per share'. The CUU shares may have a justifiable value of $10/share (that's not an assertion, but an example) based on the new resource estimate and (with luck, sometime soon) hydro electric power and environmental approvals that say 'mine away'!
HOWEVER, Teck may (I believe 'will') play hard ball. Teck may say to Elmer and Ernesto we'll buy you out (nice and cleanly) for $3/share (or some discounted price that all of us here on this board would NOT necessarily be fully satisfied with). AND because liquidity is what it is, Ernesto and Elmer may agree to this discounted offer - they'll still be sufficiently rich with the transaction in my simple view of the world. The point is that we'd have no say in this at all. In fact, this would almost certainly happy without us even being told the details OR that it was even being discussed.
UNLESS, they were given an option to release their (train-load of) shares without committing us to that same price, as an example. So, having that option to NOT be forced to relinquish our shares could actually empower us with an option that we otherwise (by the sounds of it) wouldn't have.
In closing, I'm pretty sure that the shares held by insiders will render our option and NON-OPTION, but merely a fantasy or point of conjecture. Still good. I'm holding tight (until and unless something is learned to warrant my selling, of course).
By the way, I'm doing the analysis on the FIRST GATE of POOL II. Will post soon.