RE:RE:voteAlthough the merger is a fair deal for GLDX shareholders and will be accretive for GCM shareholders, keep in mind that the value of the Toroparu project will be somewhat muddled once it is absorbed by GCM.
Toroparu could easily be valued on a NPV per share basis since it was controlled by a junior that was free of EPS targets and the daily rigamarole of the actual business of mining. Once the merger is completed, Toroparu will no longer be judged on its own merits but will be rollled up with all the other assets of a mining company - we will now be judged on hitting earnings targets and other such quarterly hurdles. It is more complicated once you are acquired, since the metrics used to judge your value change.
I think the upside to Toroparu has been somewhat muted, but when considering the old adage about a bird in hand is worth two in the bush, I am content to vote yes to the merger.
BTW, I'll throw this one out there: I think that GPL and GCM would make ideal future partners once the M&A really starts heating up in the mining space. They have similar market caps and operate in similar jurisdictions. A combination of those two would expand their geographic footprint (adding a measure of safety to the shares) and take them down the path towards moving from mid-tiers to a major. Just my idle speculation, but I think it would make a good fit.