RE: UMJ takeover It isn't a 'known take out price of .15'. The takeover deal is a 25 to 1 conversion on closing in mid June. If NKL is $5 at that time, the conversion rate would effectively make your UMJ shares worth 20 cents each. If NKL is still $2..87 at that time, your UMJ shares will only be worth 11.5 cents. Still a full cent more than the current .105 bid.
So if you think NKL is going to stay at this level for the next 3 months, you have a 9-10% gain on UMJ shares when the deal closes.
If NKL drops over the next few months, you could say you have 9-10% downside protection already baked in to protect your capital.
If you think NKL will be much higher a few months from now, because of the drilling results and the PEA due any day now, then not only will you gain on the move up in NKL, but you would get the extra pop from the difference in where UMJ should be trading (with a 25:1 conversion) and where it actually is trading today.