Dez calcs are right Jay, you have to look at the 2b shares as fully diluted and add the $5m to convert.
Dez, re: the tax
with the tax credit and the sale of Lookout and Jonah, I think that will neutralize the tax, not just the losses from them but people have not accounted for the estimated $10-$15m in cash from these 2 projects when sold.
I'd put net cash at $65-70m/ or 3.25-3.5c per share.
$74+$5+$10-15 - tax (credit of $6.7m) - $11m debt
