Can someone please tell me why CJO is trading in the range 0.125...

Can someone please tell me why CJO is trading in the range 0.125 - 0.135?

At the time of the announcement Primero's price was $C6.63. It is now $C6.22. The currency has been trading between 1.025 and 1.040 in recent times. So there's not much in that.

If we get 0.023 Primero shares for every one Cerro share then at announcement a CJO share should have been worth 6.63/1.040*0.023 = $0.147 and now it should be worth 6.22/1.025*0.023 = $0.140.

The announcement said that the offer was a 77% premium to the closing price on 13 December of $0.083. That makes it worth 0.083*1.77 = $0.147 which correlates with my calculations.

Then there is the addition of the Spinco spin-off. With $4,000,000 cash to start with amongst 750,000,000 shareholders to own 80% of the company adds another $0.004 per share without adding on the assets.

That equates to a value on CJO of between $0.144 and $0.151.

I know Primero's value can change between now and May next year, but why the variance now?

What am I missing? Is Cerro simply on the nose?