From the look of things, JB picked up the project on the promise of paying a 1.5% royalty if/when it goes into production (which is now GLA's issue to pay assuming it goes into production) and in flipping the project into GLA, JB receives 80m shares on signing formal agreements + 80m shares on next milestone + 80m shares on next milestone + 75m shares on next milestone + 75m shares on decision to mine, which at today's sp is worth AUD$780k, but only 20% of that is to be issued now and the rest may take a couple of years to be paid.
Bearing in mind that ARC will have to pay income tax on the profit on sale of the asset and if ARC was to sell any shares to raise some cash to do that, they'll be crucified by the shareholders. So in reality, all JB has received is a tax liability with no cashflow until the project takes off... Makes me think he'll be around for at least long enough to get the project up to decision to mine to collect all of the deferred consideration and to have the sp improved to a decent profit when he exits.
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From the look of things, JB picked up the project on the promise...
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