Flo-thru
The last announced flo thru issue was Sep. 9 for $7 million. That was the sixth trading day of the month, so eye--balling the chart, looks like the share price was about $14.50 at the time and the deal was priced at $20.21. The buyer was Ausenco Engineering.
This morning's deal for $30 million (at $21) when the stock was about $12 implies a fair few millions must be attributed to the NSR option.
The underlying assumption here is that both flo thru deals carried the same tax deductibility. I'm not at all familiar with the lay of the land today, but it used to be that there was a risk gradient attached - there were expenses which qualified for the CEE, (Cdn Expl. Expense) and others which only got Cdn. Development Expense. I'm not sure but just reading the respective news releases makes me think these deals both carry the full meal deal write-off.