they have debt
net debt around $20-22m at a guess.
Ive done some figures on the ESG holding
HGO has 153,723,529 ords, 24,250,000 opts and 3,540,000 conv notes in ESG.
That gives them a total holding of 181,513,529 shares.
at a recent figure of 55cps in ESG
= $99,830,000m - minus cost of option conversion (15cps) or $3,637,500.
so fully diluted holding at 55c is worth $96.19m to HGO.
HGO MCap at 10c = $34.1m + net debt = approx $55m
so you get left over Kanmantoo Copper, all tenements, and 85% of IIT free and a cool $41m cash!!! to go.
If ESG get a takeover, expect similiar to PES, ie another 100% on SP...or north of $1 per share
so HGO should be the recipients of a cool $200m if that unfolded in 09
if it doesnt, then HGO still have a great investment that will get stronger as they prove up the 1300PJ of 3P
The upside based on cash alone could be 50cps or 400% gains.
very nice leverage into ESG
Disc: added another 50,000 at 10c today
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5.3¢ |
Change
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Mkt cap ! $111.0M |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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4 | 494258 | 0.052 |
5 | 1215705 | 0.051 |
11 | 1682020 | 0.050 |
2 | 30825 | 0.049 |
Price($) | Vol. | No. |
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0.052 | 20000 | 1 |
0.053 | 330101 | 2 |
0.054 | 962730 | 1 |
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0.056 | 250000 | 1 |
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