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I had pencilled in 1 for 15 resulting in a market cap of $20m....

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    I had pencilled in 1 for 15 resulting in a market cap of $20m. Structure would have been 50m existing TNG conversions, TNG corporate holding 20m and 30m raised as part of the IPO @ $0.20.

    As someone pointed out, you don't want the IPO to fail. That said, given the lack of high fives on HC given the excitement leading up, you'd assume the masses aren't impressed with the outcome.

    There are many drillers/explorers out there with market caps of $20m-$30m with nothing like a JORC or potential JORC yet TRR will start at a market cap of $13m.

    Disappointing but not unexpected for mine and further indicates these guys have a poor record in capital markets. Giving the wares away for nothing to get a deal done. Albeit it at these levels you'd hope the SP of TRR could only go up from IPO.

    I can’t say I am impressed with the board of TNG residing as the board for TRR. Directors will be receiving $70k in director fees from TNG and probably a similar amount in TRR. Good win straight up.

    Personally I am not in TNG for these assets.


    I will be selling to redeploy capital on day one. Nothing more from me on TRR. Hopefully by ex-date we’ve seen significant progression on Mt. Peake by SMS.
 
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