Brutus,

As I recall, AEM has 0.75 (7.5M units) = 5.62M wts @ $2.10 with an expiry date 28 May 2015. So AEM can exercise them now if they decide to do so, or wait until May 2015. The current financing 8.5M s @3.10 ($26M) expected to close on 6 Aug 2014 must be for some other entity than AEM, since AEM has an option to exercise the 5.6M wts @ a lower price (why pay more than $2.10). According the NR, the $26M financing would be conditioned on various approvals which may involve a ruling from the tax people (can all or part of the $26M be use in a "scheme" to purchase the lands?)

At any rate, by April/May 2015, if PRB SP is high enough, say ~$2.10, AEM would exercise the wts giving PRB ~$12M on top of the Goldex payment of $4M ($16M is a nice chunk of money). If the chemistry between AEM and PRB is good, then AEM may even want to advance all that money to PRB for paying all or part of the lands. AEM would have 12.1M shares after the wt exercise, or ~13.8%PRB, = a majority share holder and insider. All this would assume the latest 8.5M (9.6% of PRB) shares go to another identity. If this 9.6% goes to AEM as well then AEM would have 23.4% of PRB...a creeping TO?

Just my speculation folks.

goldhunter