I've just run a few quick numbers that I thought I'd share:
Current Shares on Issue (FPO): 1,649,611,290
Undiluted MC @ $0.01: $16.4m
Cash Mar-18: $932k
CR Proceeds: $3m
Watershed Sale: $14.8m
Approx Total Cash: $18.7m
Cash per Share: 1.1c (we're now trading less cash backing)
EV @ 1.c: -$2.2m
For the market to value our combined assets at just $5m (i.e. EV of $5m), the SP will need to achieve 1.45. This results in a MC of $24m.
At 2.0, the EV is is only $14m and the MC is $32m.
It could be that the gold and cobalt assets are poor and the market has no interest in them. Totally plausible. But even then, we should be trading at at least cash backing of 1.1.
Perhaps it will take a few days to appear on the radar of traders and predators looking for a quick win.
All in all, very happy to be holding my position at less than cash.
Ann: TGN: Watershed Acquisition Terms Agreed, page-71
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Mkt cap ! $14.73M | |||
| Open | High | Low | Value | Volume |
| 0.2¢ | 0.3¢ | 0.2¢ | $428 | 212.9K |
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