Ann: IronClad Mining Ltd to Merge with Trafford Resources Ltd, page-7

Although people will be talking about synergies for a merged entity, shareholders should look at what each company will bring to the merged entity: assets as well as liabilities (and their terms). Example: terms for the $450K borrowings TRF took on in Sept Quarter etc).

IMHO, iron ore will not be the future for the Wilcherry Hill Project, it will be the manganese, something the company/ies need cash in order to get a JORC compliant reserve. Don't get me wrong, iron ore may play a part, but to what extent i am not sure i.e. short term IO maybe sold as a by-product of the manganese where the company/ies sells the IO as a form of cost recovery, a way to increase short term profits.

Note: even if merger is successful, I still have concerns of who will lead this merged entity.... will it be the same people who lead both these entities into the current situation us shareholders face? Wonder why merger wasn't planned in mid June.... I really wonder when this $450K borrowings is due.....