2'050'000 warrants at 80c, that is $1.64m. Now 25m shares at IPO at 0.80 is $20m. I missed the $4m cash component performance bonus (which is only conditional on IPO), so $1.64m/$24m which is 6.8%. Where did you get 3.6% from?
Additionally the ann mentions up to 6m KML warrants total may be issued, which can be issued to promoters (separate from seed capital, where the 2'050'000 forms part of this pool). That makes for $4.8 million in 'promoter' warrants, for a $24m IPO. Sounds excessive to me.
2'050'000 warrants at 80c, that is $1.64m. Now 25m shares at IPO...
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