RXL strictly charting and TA only thread, page-206

36,450,000 / 45,000,000 = 81% being the current shares on issue before the IPO shares that are being distributed to Rox SH.

Understand where you're coming from as a little licence / smoke and mirrors here as Rox SH are diluted by the IPO shares and end up with 60% (45m / 75m).

The IPO seems to seriously undervalue the Ni assets based on past representations. As it turns out Rox would have been better off not having done any further drilling. Will be interesting to see what the prospectus says regarding the recent further drilling.

Anyway, the Ni assets are not valued within the Rox SP so distributing the shares is a bonus to SH as the Rox SP unlikely to drop much ex Cannon. MAG did a distribution recently of AGC and the SP hardly dropped a beat. In fact it went up a beat. MC of AGC $13m with MAG MC $32m. Great outcome for MAG SH in January. $13m or 40% richer.