About 3 million shares traded with no price change, so no value on the deal from the market for Kodiak. Looking at it from both sides on a first pass:

GGR side - They have an impressive resource estimate,about $ 800k cash according to the 6 month report on Sedar, and a share price trending down to 0.18 in mid August until news leaked out? Then they close a merger deal for 0.28 a share to get access to money. The alternative was raising money with significant dilution.

KXL side - They paid about $ 15 million to get 453k oz M&I plus 1.2 mil oz Inferred. The presentation on the GGR website shows value ranges of $10-25 inferred and $ 25-50 for M&I oz. Using low end numbers of $ 10 for inferred and $ 30 for M&I gives a value of about $ 25 million for the resource. So it's fair to say that Brian has achieved his objective of acquiring undervalued oz. The next step is to convert this achievement into increased share value. Kodiak will drill 20,000 meters( about $4 million) and carry out a pre-feasibility study, so it will take some time to get the value out. As a KXL shareholder I like this deal and now they have something to show and tell on September 25 at the TRIC. I will take a look at the resource estimate to see why the cut-off grade is so high( 3g/t) compared to other resource estimates and how much undrilled potential exists.