If you use $750,000 as the capital value of the royalty and...

If you use $750,000 as the capital value of the royalty and $1.50 a share Aus for the NOVO shares and do the maths ....

Cash $1,050,000
NOVO Shares 2,100,000 @ $1.50 est $3,150,000
1% Royalty Say $750,000

Total $4,950,000

ARV gets

Cash $820,000
Shares 1,640,000 @ $1.5 $2,460,000
1% Royalty $Zero

Total $3,280,000


ARV gives up 100% remaining of Purdy's
ARV gives up its effective 70% interest in 47 patch

ARV gets only about 67% of the value of NOVO's spend on the deal.


The other players, who all appear to be or have been associated to ARV, get about 33% of the total NOVO spend for a disposal of a mere 30% interest in 47K and a "finders fee".

Just another poor wealth transferring deal IMO.