second line of yesterdays announcement said that it was a...

second line of yesterdays announcement said that it was a PARTIAL DIVESTMENT. ie: the shares issued to raise the $15million are not the only shares that will exist. PAN will continue to hold a stake and therefore so do the current shareholders of PAN, as like has been said, we already own the asset.

They said today they are placing a value of $15million on the gum creek asset for the purpose of this
IPO, and raising $15million dollars so lets say a company with a value of $30million post IPO.

An example would be to say offer 75million shares at 0.20c to raise the $15million cash component but PAN would also hold 75million shares in the new company (the value placed on gum creek for the purpose of this IPO) so PAN/shareholders would hold 50% of the new company already and would then be given the opportunity to apply for more shares in the IPO if you want to increase your share of the gold asset.

In time PAN may either hold onto those shares, sell those shares as required or distribute them to current PAN shareholders