RE:RE:RE:WELL Haha fair enough. You've been here WAYYY longer than me.
A merger would still require a formal third party valuation (factoring in Kawa derisking Wei) plus majority of minority shareholder approval would also be required to avoid litigation. Your comment seems to be based on the current price/decline, but the selloff has been on very low volume (50K-200K daily vol. vs 70M public float). Think $3/share now or $5 after Wei-1 if it's successful... not 10c.
I could be wrong, but I'm betting on another loan or a direct/partial sale of the license to Frontera. Both should be great for the share price assuming they are somewhat fairly valued. Who knows, maybe even a sovereign wealth fund like Qatar or UAE wants a slice of the license for $70M (cheaper now than after Wei-1/major JV interest). They've been sniffing around for a while now.
Private placement likely out of the question since it dilutes Frontera.
Frontera backed rights offering at the current share price, after they have let the share price decline so much (partly due to mismanagement)... defs not out of the question, but less likely since they opted for a loan last time rather than screwing over shareholders after a big selloff.
Regardless of the route they take, this selloff on financing concerns is officially overblown. I bought more shares at 92c today and will continue adding to my large position under $2.