Ann: Amendment to Binding Term Sheet with Armour Energy, page-13

Condensed and approx:
The Westside offer is 12c/share.
Armour has ~3c/share cash so Westsides' cost would be ~ 9c/share, cunning lads these Chinese.
The farm in offer estimated to give Armour a pro forma cash kitty of ~ 16c/share.
Armour has spent ~ $60m and the farm in offer & proposes to spend another ~$130m so altogether ~$190m spent on improvement of areas.
Add ~$45m cash = $235m.
Add extra shares to be issued= ~350 m = a theoretical current value of 67c/share discounting future discoveries.
Yet many shareholders will probably get wobbly legs & take a bath at 12c. The mind boggles.