So we know, that STK will take over Orinico for 19M shares. And...

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.