for what it's worth ..., page-3

I think you are both overlooking a key point:

"The amount of the Transfer Scheme Scrip will be equal to the greater of:
o 33% of the issued capital of MEGA Graphite; or
o a higher percentage of the issued capital in MEGA Graphite if required to reflect the value of Uley, which value must be a minimum of CDN$70m."

33% is a minimum to reflect the agreed value for Uley, any shortfall on the $210K has a corresponding increase in our Mega equity. If the IPO is valued at $140K we end up with 50%.

Given that Northern & Focus both did their IPO's at around 40% of their current market cap it's hard to see Mega doing a full public offer at even $140K, particularly given the assets listed on their website.

As mentioned here previously I believe Mega (which just popped up two years ago) has a major backer/shareholder who will most likely suscribe for around 40% of the new issue and leave a free float of around 30% or $60m.

I suspect he centre of their story will be Uley and how they can get in there quickly to cherry pick high grade, near surface deposits and using their refining techniques be first to market with high purity large flake.

The disclosure is certainly going to make interesting reading, particularly any mention of underwriting.