Ann: IPO Prospectus for Western Gold Resources Lodged, page-134

Second glance at the prospectus is worse than the first
I thought shareholders were giving up 50% of the gold they own, it's appears that it's going to be a lot more than that ( see table on p13)

gwr shareholders 36m
seed investors 10m (money for old rope)
New investors 35m
On this basis shareholders giving up 55%

But wait there is more....
The dreaded options
Directors 10m
Broker options 3m

Add all this up and you get 94 million

Gwr shareholders giving up 62% of the Gold
But wait there's more...

on page 12
"GWR shareholders can also increase their entitlement to Shares pursuant to the in-specie distribution by acquiring
additional GWR shares on market prior to the Record Date."

Isn't that good you can buy some shares in the gold you already own?