Savoy Resources Corp. (fka SVYR)

[Sully]

So, from the 8-K, it looks like everything is in place aside from the $5M.

"Conditions precedent to consummation of the business combination include Savoy’s ability to raise $5 million..."

And then it goes on to say where the $5M will go. I especially like the bolded part which I read to mean they will decrease the AS once the business relationship is consummated, right?

"...of which $2.5 million has been allocated for the acquisition of Ingonyama, and Savoy’s reorganization to eliminate its outstanding indebtedness and reduce the number of shares of common stock issuable pursuant to existing contracts and upon conversion of outstanding convertible notes and exercise of outstanding warrants to not more than 100 million shares.

So, if this acquisition goes thorugh, which must be well on its way considering the "deal" was put in place on 9/24/09, then the current PPS looks like an absolute diamond in the rough. I guess it all depends on if they get the $5M upfront costs.