Ann: General Security Agreement, page-323

Easy brother piece of piss. I see these deals done globally all the time.

• A newly listed spinoff company will be formed.
• Newly acquired concessions will be transferred over
• A new share capital structure will be developed
• Existing shareholders will be provided with a pro-rata issue
• Often, the Major Miner will become a major shareholder and contribute capital to enable further value generation.

Or alternatively, we just slap a number down and sell the lot. Who cares if the valuation is undercooked. The major shareholders will be beyond rich!