Sunrayta, they bought 5m at 20c, got given 10m for free,...

Sunrayta, they bought 5m at 20c, got given 10m for free, advisory. 15m in total. Average is 6.6c.

Plus 15m bull fee. Total investment 1m US.

I applied 2m to the shares because I know bull was asking 60c a token direct recently, it was 20c direct when tnr invested.

So the shares would be worth more than when tnr bought them based on token price. 2m still averages out to 13c a share.

The shares are capital, so would be fixed in qty, unlike the tokens.

I bet if tnr wanted to sell there shares they could get more than 13c considering they initially paid 20c.

There shares are probably worth 15m x 20c, or 3m actually. So I've been prudent by 1m undervaluing them.

Hope that explains.

What do you value the shares at?