Nebbya, I might agree with your calculation if both the APT plant and the mine were of equal value, but they are not.

First of all Financing

$5 million IMC bridge loan (Woulf has to pay back)

$30 million equity from IMC for 25% of Sangdong project, pending due diligence and feasibility (Another 80-90 Million has to be invested by Woulfe via bank loan, hence Woulfe owns 75% & IMC 25%)

IMC to invest a further 35 million for APT plant in debt and equity, the transaction is at subsidiary but at 100% ($0.55) premium to value. This means Woulfe has to repay IMC 15.75 million for their portion of the 35 million.

To summarize financing:
i) Mine: 75% Woulfe + 25% IMC   <==>   Mine NPV 535 million + 90 million Woulfe (via bank loan) + 30 million IMC is investing  = 655 million

ii) ATP Plant:   45% Woulfe + 55% IMC   <==>  35 million = 15.75 million Woulfe + 19.25 million IMC

Mine + ATP plant = 655 + 35 = 700 million

So IMC's Ownership is approx. [ 25%(655) + 55%(35) = 163.75 + 19.25 = 183 million]   183 / 700 = 26%

 

Did I miss anything?  Someone can comment or revalidate my calculation....