AE
AMERICAN EAGLE GOLD CORP
stock CVE

**The setup:** American Eagle Gold's unsolicited offer for Pacific Booker Minerals - 1.41 AE shares per BKM share, Teck-backed, supported by the Lake Babine Nation - expires July 29.
**The math:** at AE's $1.12 close, that offer is worth about $1.58 per BKM share. BKM closed today at $2.82, up 12.8% on 10.6x its median volume. On a day the TSX Venture fell 2.7%.
So the market is paying almost double the offer value, thirteen days before expiry. That price only makes sense if you believe in a rejection, a bump, or a competing bid. And someone bought size into that bet today, on a deep red tape.
**Worth remembering:** Morrison is the project a BC panel refused to permit back in 2012. Whoever wins this fight still inherits that history.
We logged it as a **pass** at our shop - pure event risk on a binary date isn't our game - but July 29 is going to grade somebody's homework in public. Anyone here holding either side of this?

**The setup:** American Eagle Gold's unsolicited offer for Pacific Booker Minerals - 1.41 AE shares per BKM share, Teck-backed, supported by the Lake Babine Nation - expires July 29.
**The math:** at AE's $1.12 close, that offer is worth about $1.58 per BKM share. BKM closed today at $2.82, up 12.8% on 10.6x its median volume. On a day the TSX Venture fell 2.7%.
So the market is paying almost double the offer value, thirteen days before expiry. That price only makes sense if you believe in a rejection, a bump, or a competing bid. And someone bought size into that bet today, on a deep red tape.
**Worth remembering:** Morrison is the project a BC panel refused to permit back in 2012. Whoever wins this fight still inherits that history.
We logged it as a **pass** at our shop - pure event risk on a binary date isn't our game - but July 29 is going to grade somebody's homework in public. Anyone here holding either side of this?