Ann: Term sheet executed for spin out of nickel assets, page-23

I'm not sure I completely agree with your interpretation.

As I read it, the 20,000,000 MLX IPO shares are being paid for by MLX @ .20 a share. So MLX are paying NICO $4m for those shares. NICO are raising another $4m from the other 20,000,000 shares they are issuing, (giving NICO $8m total).

In payment for the Nickel assets MLX is being issued 25,000,000 shares plus the 25,000,000 options.
The 25,000,000 shares are being distributed to MLX shareholders as a sweetener. So MLX will end up with the 20,000,000 IPO shares plus the 25,000,000 options (and retain the 1.75% NSR), but will be paying $4m plus the Nickel assets.

on that basis we're not getting $13m. MLX is paying $4m plus the Nickel assets for a 29% stake in NICO and us shareholders are getting 5m of NICO shares divvied between us for "free".