All-share transaction does not dilute investor valueLook at gold grams per share figures below. More shares outstanding, yes; but we have also gained value per share.
Shares Outstanding – 392,040,000
Teranga Gold Reserves (current) = 2,630,000 ounces
2,630,000 x 31.103* = 81,800,890 grams
81,800,890 / 392,040,000 = 0.2086 grams per share
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70,100,000 Teranga shares (see below)
Gryphon Gold Reserves = 1,050,000 ounces
1,050,000 x 31.103* = 32,658,150 grams
32,658,150 / 70,100,000 = 0.4658 grams per share
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392,040,000 + 70,100,000 = 462,140,000 (new share total)
2,630,000 + 1,050,000 = 3,680,000 (new gold Reserve total)
3,680.000 x 31.103* = 114,459,040 grams
114,459,040 / 462,140,000 = 0.2476 grams per share
*1 ounce of gold = 31.103 grams
+ If you have looked at Gryphon Gold website, you will have found additional assets soon to be added to Teranga asset/value base.
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Gryphon Minerals Limited Press Release
Teranga Gold to Acquire Gryphon Minerals
“The number of Teranga Shares to be issued under the Transaction will be approximately 70,100,000 on the basis that all Gryphon performance rights will vest and be subject to the Transaction.”