NMDC paid $19m for new share issue and not buying from existing share. So after the deal, LCY has that extra $19m cash but NMDC is 50% share of the company therefore basically they are still the owner of $9.5m. They effectively give $9.5m cash to existing share holder, and $9.5m is half of the company, as it see it is worth. Therefore right now, it see LCY worth $19m.
