SPR 1.08% 93.5¢ spartan resources limited

Ann: Dalgaranga Update and Continuation of Voluntary Suspension, page-17

  1. 3,866 Posts.
    lightbulb Created with Sketch. 2553

    Been thinking about their recapitalisation options.
    I wonder if they are planning to float Glenburgh/Mt Edgeton?
    Why else would have they drilled there during a period when cash was so tight other than to create interest in this project?


    Here's an example of what this spinoff could look like....

    200,000,000 shares @ 12.5c would give this entity a MC of $25,000,000
    100,000,000 shares to existing shareholders distributed pro rata or 0.23 shares per 1 GCY share
    25,000,000 shares retained by GCY
    75,000,000 IPO to raise approximately $9,000,000 cash to fund new entities exploration budget.

    Pretty good value for an at surface, lightly drilled, fully permitted half million-ounce greenfield project endowed with multiple kms of undrillled strike length.
 
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