Ann: IronClad to raise $11 million Fully Underwri, page-4

re: Ann: IronClad to raise $11 million Fully ... A quick calculation,

IFE shares currently on issue 60,531,874
IFE shares to be issued in the rights issue 15,132,969
IFE shares post rights issue 75,664,843
IFE options post rights issue 19,882,969
IFE shares/options post issue 95,552,812
TRF current shareholding 26,400,005
TRF shares/options holding post rights issue 35,832,305*

*In order to maintain in excess of 36% on a fully diluted basis post rights issue, assume 37.5% in order to effectively own 50% (37.5% of 80% + 20%) of the Wilcherry Hill iron ore project.

TRF need to take up 4,716,150 of its 6,600,002 rights entitlement in order to obtain 9,432,300 shares/options in the rights issue to maintain 37.5% ownership of IFE on a fully diluted basis.

This will be at a cost of $3,537,113 to the company.

Will this be financed out of cash reserves?

Stagman