line wipers - 4s are gone., page-6

Personally, I'd be very satified with that.

Currently our Fury and Uranium prospects are valued at about $15mil. Neither has been very capital intensive and both are some way off producing the goods. Fury in particular keeps getting delayed by weather, no fault of MHL.

We want to change focus. We want to become an instant producer. Instant cashflow and instant growth potential. MHL will not be a spec stock once that happens. Trinidad delivers all of that.

But obviously we need Trinidad to outweight the existing prospects. So we need many multiples of that $15mil market cap. Trinidad roughly costs $9mil per 10%, which includes working capital.

So, if they get 50%, they have raised about $45mil. MHL would be worth about $60mil. So Trinidad is 45/60= 75% of MHL.

That would ensure we are judged primarily on Trinidad and that we have decent exposure to the growth potential. Trinidad is profitable and cashflow positive. That doesnt change for minority holders of 10% like RRS. Everyone gets a slice of the profit pro rata.

Obviously its the exposure to growth that we are after, and the more we own the better for us existing shareholders.

Anything above 40% will do me fine. Especially if SOCA retain a share that we can buy down the track once funding is sorted.