A subsidiary of a subsidiary. Its not uncommon and has been a succesful tactic but it has also cast great shadows of doubt on companies and became implemental in their failure. However, I cant see this action being the cause of failure for LBSR. Not sure of why they would make this move, but I do hope it has something to do with the Carlin type gold. By making an additional subsidiary, ERM, can make completely independent decisions that affect its direction and outcome, benefiting LBSR if succesful. Maybe it is a strategic move, as previously suggested, protecting the big picture while opening the doors for the small picture (the gold)? Who knows? Someone does but certainly not me. 

https://smallbusiness.chron.com/relationship-between-company-its-subsidiary-14696.html