Ann: Share Split Clarification, page-16

imo, TNO made a mistake by mentioning a possible share split in their original SPD acquisition announcement. All its done is provided a distraction and possible speculation about when it will happen and the share split ratio and price.

TNO's market cap value will be the same post any share split. Only difference is extra trading liquidity. Extra shares doesn't mean it will be traded anymore than now.

TNO is currently trading fine with its low SOI, because it appears to be a quality acquisition in a currently hot sector. The acquisition terms have been done in such a way that liquidity will be added along the way anyhow. ie.  4.25mill shares at completion of DD (45 days); 7.5mill shares at Delineation of a Measured Resource of at least 75Mt at 0.78% V2O5 in situ etc. There's also 20mill options to vendors/advisors (exercisable at $0.50 on or before the date that is 3 years following the date of issue).


TNO's SP & market cap value, like any other company, will reflect current market sentiment. The share split is a non-issue and not urgent.