Forgot to mention some fine point in my previous posts on the $26M topic.

To get this nice sum of money, PRB will issue 8.4M flow through shares @ $3.10/s, a ~40% premium on the SP, and the dilution would be approximately 10% of the OS. However, with a more sharpened pencil the percentage of the 8.4M over the new OS would be 8.4M/(76.4M + 8.4 = 84.8M) = 9.9% which is just under the 10% rule to be considered as insider.

A bold guess would be that the 8.4M shares are sold to 1 group/company. And this company wanted to sit at another corner of the ring (opposite to AEM?) but also wanted to stay under the 10% radar level. If it were AEM which buys the shares, then this would have to be disclosed since AEM holding would exceed to 10% level and become insider.

Another entity other than AEM would be expected. This would be more fun...bidding war anyone? It would not be a good situation for us/PRB to be under the thumb of AEM (with 9.9% +9.9% = 19.8%) which may want to engineer a creeping TO.

If the above speculation turns out to be true, then... hat's off to Dave!

goldhunter