re: Ann: IronClad to raise $11 million Fully ... It is good news I think as well. TRF's holding/interest in the project is slowly slipping though.
When we owned 50% of IFE, our interest in the project was effectively 20% free carry + 50% of IFE's interest (80% x 50%) so TRF had an interest of 60% in the operation.
Post this capital raising we will now be at the point of 20% free carry + (80% x 36%) so effectively an interest of 48.8% interest in the operation.
Not a big deal providing we get into production with this interest, but i wouldn't like to see it reduce any further IMO.
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