I would be interested in a discussion re why we should or should not expect full value.
Thats a fair question and one that I've often pondered over myself. In the end I think we can expect full value because first of all why would EE and DM continue their purchases even at these levels if they only expect to gain modestly on their current purchases? EE again stepped up to the plate again for over 4M of funding when he didn't have to. If he was just seeking a gain of only 50% on those 4M shares it is an awful big risk to take given the current 'macro' environment.
Secondly, since EE controls the majority of the shares in the company he could have told ES to get the FS done 2 yrs ago when we had all the drilling done on the Liard zone. That would have at least gotten about $2/sh just for the Liard zone. We know the FS was delayed because of the new discovery on the Paramount zone and other potential zones which could add significant value. And since both these directors have waited patiently for so long and kept adding to their positions, I doubt very much they will let this go for a song and a dance.
And lastly, but most importantly, since these two are directors of the company they are required by law and securities regulations to act in the best interests of all shareholders. They must seek maximum value and any offer will no doubt be subject to a fair evaluation review by a qualified third party that the company hires to evaluate any offers.