One step closer CGX has always maintained that any joint venture with Eagle deep would require that the partner(s) pay the full cost of the drilling requirements for their share of the pot.
With PRE committing to 50% of the cost for a 33% equity, we are half way there to meeting CGX's goal!
I am sure that, particularly if Jaguar is a success, we will obtain our second goal of commiting the final 50% funding of ED for probably a lot less share dilution than that of the PRE deal. We should also have a feeding frency of potential suitors to boot!
PRE should be congratulated fot their initiative and setting the ball rolling. Oh to have their management!
Should this pan out, I think that it would be a great deal for CGX to drill Eagle deep for free given the current circumstances!
Alternatively, if Eagle deep works out, CGX could fund the rest of the drilling costs and take a bigger piece of the pie! Even better for us.
Either way, I think that this will all transpire prior to the AGM.
Great luck to all longs, reward is in sight!