Yes, they do and the offer probably altered in regard to the 16...

Yes, they do and the offer probably altered in regard to the 16 % free carried interest i.e JV partner will each own 42% instead of 50%. IMO the new offer price will probably about 20% below the initial offered price and is about $0.28. Or if Tremont really wants the whole project for itself so much. They may keep everything the same. I'm holding tight until things panned out. Not throw my shares away for peanuts.
The below link of another comp may give some idea how the calculation work (not trying to cross-promote)
http://www.graphexmining.com.au/wp-...120_Graphex-update-report-July-2017-FINAL.pdf
http://www.graphexmining.com.au/wp-content/uploads/2017/07/0125.pdf
AIMO, DYOR