1st post for me on this forum please be gentle haha.
Jumped onboard today after comparing MEL with VEN. Similar number SOI (549M for MEL and 506M for VEN post current raise) with MC's at $16.5M for MEL and $38M for VEN reflects the 25% and 50% interests in the gas field.
But what I think sets MEL apart is its holding in BYE. Previous announcements have indicated that they plan to distribute 20M BYE shares to MEL shareholders.
On my calcs this would give 0.036 BYE shares for each MEL share held.
So purchasing 50,000 MEL shares today at $0.03 at a cost of $1,500.00 will entitle me to 1,800 odd BYE shares valued today at $522.00.
Have I got this right?
MEL Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
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