IMO, RAF received Gossan shares/options for underwriting the...

IMO, RAF received Gossan shares/options for underwriting the AceA deal - presumably for nil consideration.

Enlarged capital base of Gossan, post AceA deal was 232M shares. Post 4:1 consolidation, Gossan would have 58M shares and SOC would hold 41.825M shares - lining up with the IPO announcement.

RAF have said they have 4% = 2,325,000 shares - indicating Gossan now has 58.125M shares. So who gave the shares to RAF, doesn't appear to be new/additional shares issued? SOC holdings haven't changed.

Via IPO, 58M shares increase to 68M or 78M @0.20c.
SOC holdings would be worth $8.365M at those prices.

The asset is clearly worth more than the IPO will raise ($2M/$3M) - so therefore it is clear to me that existing holders of Gossan will remain holders of the new entity - just diluted to the level of the funds raised via IPO.