overseas gold deal, page-18

So we know, that STK will take over Orinico for 19M shares. And that STK share price is 12.5c. TRF holds 24% of Orinico.

So that means 19M x 0.125 x 24 % = $593,750.00

Now that was obviously quick and basic and non-dilutionary.

If we look later in the specs, we see that STK is going to get the shares through a capital raising at 15c per share, and that TRF will then hold 18.7% of STK (which is after it pays A$1M in the raising)

From the table of Capital Structure Post raising, we have 24M shares at a current price (0.125) = $3M. We have 18M from the cap raising at 15c = $2.7M. We have 20M shares (for acquiring Orinico (19M) and Centarus (1M))... which are hard to value, so we could assume it to also be $0.125 (any one else care to assign value here?)

Therefore the total listed shares have a value of A$8.2M. Of which TRF holds 18.7% ~= $1.5 M.

Not easy to determine, so happy for others to comment.

I guess what we really have to wait on is what the market then values this new STK entity at, to which TRF will hold 18.7% share. Remember Orinico wasnt listed, and appears to have not even been heard of (even to TRF shareholders), so it never had a value assigned to it by the market.

We won't know that until it completes 10th Oct. At least TRF dont have to find the $1M until close to that date.



Wonder what TRF paid for the original Orinico shares.