Ann: Admiral Bay Project to Seek Listing on TSX-V, page-39

It all comes down to the EV that is applied to Admiral Bay when it gets floated on TSX. All else is noise.
If MCT drops AB in at EV $20M, then raises $20M cash to proceed then that's a min imho. MCT retains 50% of the listed co. Upside gets shared in exchange for risk.
Now is prob the best time in the last decade to do a deal like this so go for it chaps.
I'll be the first one to say well played. Even better if the numbers can go further in our favour.

Hardrock