base forming, page-8

Orga...
Sorry you're confused.
Read my original post from a week ago called "ERO and MXR shares should be same price"...or something like that.

It's fairly clearly explained IMHO.

The thing I realised is that for ERO to have say 70M value, with a 70% share....that essentially means the market (conciously or not) is actually valueing the "projects" at 100M.
(Actually ERO M\Cap is more, but I'm using round figures to be clearer.)
Which means MXR's share of the "projects" should be worth 30M for 30%.
Follow?

Then add the value of 35.4% of ERO's shares as well...and no, this is not "double-dipping".

And yes, 30%...plus 35.4% of 70%....does add up to over 50% of the total "project share".

Then add the value of all their other projects that have nothing to do with ERO.

Divide total amount by # of shares....about 110 M.

(There are other issues like extra cash when oppies are exercised etc, but I am leaving that out so as to keep it simple.)

And yes, of course MXR will front up some dough when the free-carried allowance is used up, but by that time hopefully we have a discovery in the bag and putting up dough at that stage is much less risky....so having any free-carried time/amount is an advantage.