As a LT SEA holder, I see the deal as follows:About 400m shares...

As a LT SEA holder, I see the deal as follows:

About 400m shares will be issued currently worth 82c = $328m mkt cap. $328m less cash $163m add $15m loan draw down = 180m EV.

P1 reserves $113m
P2 reserves $134m
P3 reserves $326m

Of current reserves:
Net cash + P1 Reserves = $261m EV or 65c
Net cash + P1,P2 Reserves = $395m EV or $0.99
net cash + P1, P2 & P3 Reserves = $721m EV or $1.80

So there is plenty of upside. Good luck.

How the mkt rates it, well considering SEA had a mkt cap less than just its Sth Antelope holding for a while anything is possible. But LT looks promising.