trf and ironclad assessment re prospectus

ironclad will have 40 million shares on issue.

trf will retain 20 million.

a straight mkt debut at say premium 30 cents will make ironclad mkt cap 52 million. not unreasonable expectation imo.

simple sums are trf will be worth $26 million alone in ironclad.

that dosen't make trf very expensive for what is left.

the upside re exploration potential from ironclad is valuable. so is the 2 million mgt fee trf will earn from ironclad.

a premium well above 30 cents could mean that what is left of trf, post ironclad, is in for free.

think about it !

without allowing for director opts in trf, the net mkt value of trf now (opts paid) is some 32.5 million.
if ironclad comes to mkt at 1.87 then what is left of trf is a freeby.

not at all impossible.

i reckon trf will want as many shareholders as possible into ironclad at outset.

everyone happy ?

i think they will be.

be good,

hit my sums if i'm wrong. it's late here. 23:17 pm !

note ironclad is not underwritten. need not be. i reckon an early close to offer.

g'night.

40.