Ann: Mantle to Raise $16 Million, page-16

Much to digest here.

So a 12:1 consolidation (after Tranche 2 capital raising is completed).

Then Mantle gives 55% of company to IBML.

The combined entity then has, what, over $18 million in cash + all the projects/assets.

So on cash holdings alone, MNM should be currently worth around $8million (45% of $18 million), then add on combined value of all the assets and projects.

1.4c/share seems undervalued.