Siamese Parrot, you are selling TRF short on the IPO of...

Siamese Parrot, you are selling TRF short on the IPO of Ironclad. The letter of Preferential Entitlement to Shares in IronClad mining Ltd states "Of 40 MILLION $1 shares to be issued by IronClad Mining Limited:

* 20 Million shares (50%) have been issued to Trafford Resources;
* 20 Miliion shares (50%) are being offered by an IPO to raise $20 million to fund the initial development of the Wilcherry Hill Iron Project; and
* Included in the 20 million IPO are (only) FIVE million shares now being offered to all registered shareholders of Trafford Resources as of May 25, 2007.

This makes TRFs share worth $24 million. The only thing that I dont like is that TRFs share holders are being offered 1/8th of the company. Who do you think will be getting the other 3/8ths?