I see your point Primed, but this is how I would look at it:

First of all, I'd say the high risk investor would have gotten his shares cheaper than $1.80 (as I'm sure most of us have IMO), however, I'll still use $1.80, and the low risk will be lucky to get them at $3.60 after the drill permit & the 3D image (again IMO)

You have $90,000.00 to invest: Buyout as you say $100 per share

High Risk = 50,000 shares (End Result= $5 Million)

Low Risk = 25,000 shares (End Result = $2.5 Million)

$2.5 Million dollars more, on the same amount of money invested, with low probability of risk with all the DD, supporting evidence, research, data, etc!