We do agree, this is what I see and my approach;
Buy MXOM per 10,000 shares @ .045= $460 with a $10 commission (if you pay that much, I do not).
Post merger get 8,200 CRCUF shares. CRCUF at today's low trading price of .08 x 8200=$666 (w. $10 comm.)
I am seeing an arbitrage of nearly 30% as a fairly juicy temptation, I just could not resist. When you look at where CCM.TN (canadian Canarc) is (low @ .095) even after currency conversion the gap is even larger.
Down side is the merger collapses, but even then the mine resources still hold enough value to justify that risk.