Koba Resources priority offer

I've been out of the picture for a while, just received the NWC/Koba priority offer letter. Would someone kindly bring me up to speed please? What purpose does Kobe serve for NWC, is this a spin off subsidiary operation on a separate NWC deposit?

And pardon my further ignorance, the term "In-Specie Distribution", generally means the transfer of an asset in its current form rather than in the equivalent amount of cash. So paying .20cents per Kobe share doesn't seem to fit this definition. Therefore they must be referring to converting NWC shares into Kobe shares instead of paying cash? If this the case, is Kobe a better proposition than NWC? Otherwise why would you convert shares from one to the other?

NWC share price has been on a downwards slide for some time, is there light at the end of the tunnel for NWC or am I just ridding this horse into the ground?