This deal stinks and I feel very sorry for those that took up...

This deal stinks and I feel very sorry for those that took up the rights offer in 2011 at 8c. At the time I thought I'd be getting closer to the normal IPO value of something like 20c, and was dismayed to see them raise at 8c. But even that sounds good now compared to the offer at hand that at the current NIU sp is 1c. Read the Bidders and Target Statement as Dewe has pointed out, the Independant Expert statement concludes that "the offer is not fair."

But the board recommends that we accept the offer in the absence of a superior offer as its a reasonable offer. Yeah right, only because they failed to achieve anything in these past years except a capital raising. No IPO, no advancement of the projects, no partners for any of the projects. All at a time when the outlook for tin is remarkably bullish. The board of TNT have let the cash on hand get down to less than $90k. No wonder they are desperate to accept this lowball offer.

Looking at the projects of TNT, what happened to Ringarooma Bay? It's not listed in the statements, yet had been touted as having significant deposits highly prospective for tin. When did that get dropped from TNT's portfolio?

TNT has a little over 100m shares on the register, and NIU has over 400m. If this offer goes through as it stands shareholders of TNT will be diluted by about 1:5 and receive very little value should the tin and tungsten projects get up and running. In return we get the NIU copper and gold projects in PNG that their JV partner Mincor has decided not to waste any more money on. I personally prefer the outlook for TNT's projects, there are enough gold and copper explorers around that have far more exciting projects than NIU. Oh yeah, we get liquidity, so we can sell our much diminished in value shares at maybe 1c each.

This is the sort of deal that gives the small speculative explorer end of the market such a bad reputation. It's a joke that the board of TNT recommends that we accept this offer. I hope it fails.