Ann: POSCO Signs Binding Agreement to Invest US$40m in Black Rock, page-16

Correct me if I am wrong, this is what I can gather from the announcement regarding dilution

1) a toptal of 1,014.198,782 shares will be issued to Posco

2) the issue will be in two tranches, the first for 155,311,225 at a price of 5.8c and taking Posco to 19.9% and raising $9,008,051



3) the second tranch will be for 858,887,557 shares and assumes a price of $5.8c to raise $49,815,478

4) the second tranch would take them over 19.9% ownership unless the market chips in as well

5) we have 1.25b shares on issue now

6) add 155m to Posco tranch 1 and it's 1.405b

7) add 859m shares for Posco Tranch 2 = 2.264b shares on issue

8) posco own 126,020,001 now, plus 1.405b = 1.531b

9) that would take them to 68% ownership

10) to remain at 19.9% the total shares on issue needs to be 7.7b

11) so BKT would need to do a public raise for some 5.436b shares = $315m big raise

So either
a) Posco won't put in the full $40musd
or
b) they will be raising $315 in a CR
or
c) they share price magically appreciates and the CR is smaller
or
d) I've cocked up my numbers

Thoughts?