From my understanding - this appears about right. Patos will be...

From my understanding - this appears about right.

Patos will be lead manager to the float - promote and help raise the $5.5m for TNT mines.

TNT has already raised $150,000 through a convertible note issue to pay for the expenses of the issue/ prospectus etc.

From the proceeds from the new share issue - TNT will repay loans to NIU of $956,000 allowing NIU to get on with it's own business - in particular the drilling at Bolobop (and probably paying some Dir fees)

NIU is monetising an asset within its balance sheet (primarily through the repayment of the loan on it's books) which might not have been repaid otherwise -or timing of which was certainly an unknown. How much value was ever attributed to TNT within the NIU SP -we will never know.

At least TNT will be a separately listed entity.

This also allows TNT to get on with exploring and developing it's own assets without being a cash drag on NIU. Given TL CR's in the past 12 months- imo, that well had truly run dry -so in this market, he had no better course of action.
Production/equipment upgrades have been behind schedule -and production numbers will make an interesting read when finally released. Much will depend on TL now getting consistent throughput and increased gold pour.

We wait and hope.. but for NIU shareholders -this IS a big step in the right direction -imo clearly..