bigger jorc than sfr but mc only 1/20 of sfr!!, page-15

TRF is a bit of an odd one. They are run by a broker in SA, and SA is the home of the SA Geological Mafia, so its all a big incestuous love-in. TRF's transaction spinning of IFE was an example of the kind of ridiculous thinking you get to when you have nothing else to do but swap tales at the pub in SA.

TRF spun IFE out and kept, what, 40% of the project and nded up with ?60% of IFE's stock, and thn got to kep th coppr and gold that may have got mind by IFE if IFE vr got around to mining it for the Fe.

This basically neutered th value of the Cu and Au to IFE in IFE's resources, meaning IFE had no way of leveraging the value of that mtal in th ore to make the operation work. It became and all or nothing Fe play and TRF would get all the mana from heaven if it worked out.

Then TRF still had 40% of the project, and 60% of the company (pre-dilution). Thats hardly a great equation for anyone looking to plug money into IFE; you buy 60% of the project and end up with squibs of the company and TRF sits there as a toad on the see-saw, owning the credits you might have got from the Cu-Au.

What a joke. It was a munted capital structure and no surprise IFE has never really got back to its listing price.

AVI on the other hand, has 100% of all metals and 100% of the project.