Ann: Introducing Leo Lithium - The Next Global Lithium Producer, page-56

Sorry this is so messy however:
if we are going for conservative, here it is:

lets give Leo Lithium an opening value of $200m before equity rise of $20m

940m current FFX shares / options.
FFX to hold 20% of shares.

I’ve worked it out as follows: basic metric 940m + 20%(188m)= 1128m. 1128m divided down to a 6 = 188m register of Leo.

188m x 200m market cap = $1.06 per share
$20m cap raise @$1 = 20m, shares offered to Leo holders per holding (if FFX takes part) = 1:10 (1:8 if they dont)

total register 220m
so:

•if you held 100k shares (@50c = 50k) in FFX
•you receive16.6k shares in Leo (@$1.06 = 17.6k)
•you would be offered 1:10, as apart of equity rise, 2.7k Leo shares (@$1 =$2.7k)
•total holding 20300 shares in Leo if you take you max allocated shares.

total holdings:
$50k holding in FFX
$21518 holding in Leo (-$2.7k you added for raise)

That’s with Leo only valued at a market cap of $220m (including equity raise) … and in this environment, that’s absolutely crazy talk.