MOY will take entire distribution in shares and forego the $2M cash, taking 100% shares is their option, see press release.
Value of MOY, based on NEM $35.40:
$20,000,000 NEM consideration......20,000,000
$25.50 share exchange rate......... $25.50
784,314 total NEM shares to MOY..... 784,314***
26,414,014 MOY shares o/s.......... 26,414,014
NEM shares per MOY share........... 0.02969309
$35.40 NEM share price............. $35.40
arbitrage value of MOY share in US$.....$1.0511
US$1.05 = Can$1.45 for NEM shares alone
estimated MOY cash on hand 6/30 = Can$.024
Arbitrage value of NEM distribution and cash = Can$1.47
*** This 784,314 confirmed in MOY press release/quarterly