Dilution

NTU:

Oct 2010:  163,726,886

Oct 2011:  175,778,477

Oct 2012:  220,208,260

Oct 2013:  402,700,677

Sept 2014:  453,723,058

"As at 19 October 2015, the issued capital comprised 448,605,670 ordinary fully paid quoted shares."
"As at 19 October there were 13,928,400 restricted securities on issue."

Oct 2015: 462,534,070

"Once the transaction is completed and all options are exercised, Jien Mining will become Northern Minerals’ largest shareholder, holding 220 million shares equal to 33% of the issued capital."

http://northernminerals.com.au/wp-c...ver-49.5M-and-continue-path-to-production.pdf

So, if it happens 682,534,070 shares on issue from an original 2010 base of 163,726,886 = 4.2x dilution, and just to the point of project finance!!!

Dysy Twins always keen to drag Lynas in here, so by comparison:

http://hotcopper.com.au/threads/shares-on-issue.2613069/page-2?post_id=16155050#.VjNmibcrJhE

Sept 2010: 1,656,999,093

Sept 2015: 3,371,232,303

2x dilution, in which every SH has had the opportunity to participate, and resulting in the only operating ROW processor of scale, and the only one probable for several years. (Not pretending LYC has been a pretty story, it hasn't, but the end results are there for all to see)

IF Jien proceeds, and the proposed CapEx is raised, what proportion of original equity do punters here expect to be left with?

Anyone done the numbers on say a 50/50 equity/debt deal?