Ann: Acquisition of phosphate project, page-4

current mak mv is say $17.5m cash / 245m shares = 7.1c per share

100 m shares to acquire project including ihp license = $7m current mak equity or roughly what has been spent on the project

80 m options @ 25c = $20m in cash
80 m shares based on milestones = asset with increase value.

effectively 50% equity in mak for another mak. not a bad deal.

then its up to sh to decide if the want agrifos to be the 50% owner of mak, which has pros and cons. would definitely have more sway in mak being a bigger owner in jdc?