Ann: Tawana & Alliance to Merge and Capital Raising & SIA, page-191

You will get the SpinCo shares 'free' before the merger.

I think better to look at the future implied value of the merger than current one (pre-merger news).

Tawana Resources’ $446 million merger of equals with its Singapore partner will make it a more attractive takeover target as corporate interest in lithium is intensifying, says Tawana managing director Mark Calderwood.“It does make us a cleaner target, but a bigger one too,” he said.

So are we going to see 'big hitters that don't have access to lithium' buying up TAW/AMAL shares anticipating a merger?

OR

The Merge Group will have a bigger MC than Burwill (~A$285m (~HK$1.718B), correct me if I'm wrong). So take over Burwill and you have a 5 year exclusive rights (pre-emptive rights for subsequent 5 years) of lithium concentrate from the Bald Hill Mine. And also shares in the Merge Group?

"Mr Calderwood said he expected corporate activity to pick up in lithium in the coming months."