You way under-estimate the ability of AUM to access capital and yes Sentient has stated they want to maintain their 19.5% interest which means approxiamtely 3 million shares for about $55 million. There are also numerous other funds/institutions that really like this merger and who would provide capital as needed for building of a significant new silver producer. This company will likely have 3 producing significant mines within 4-5 years which is their objective, very doable in my view based on what I have learned since the proposed merger announcement last week.

It is 100% true that a fast timeline to highly profitable production was a key consideraton in AUM wanting to merge the companies.

Within 2 years I expect ECU (Velardena) to be producing at least 2000 tpd from sulphides and another 1000-1200 tpd from oxides. Plus the buildout of El Quavar will be ongoing with a feasibility on Zacatecas being completed.

This is only the production outlook and says nothing about adding significantly to the resource with the potentail to rival the 2 key major silver companies in resource leaving behind all the juniors and senior juniors in the dust. This merged company has the potential to be the new silver darling of the Street if they can execute and herein lies the key of the merger, both sides bring complimentary expertise and experiences, this merger deal is about as good as it gets for both parties.