To pay $7.7m for licences, to me it seems this must be hot property. Ordinarily a company would pay in the hundreds of thousands to $1-2M for EL's.
Value equation also is very positive. Huge leverage to market cap if licences turn the goods IMO.
Current market cap at 5c is $23m (461m shares on issue), $2m cash, EV $21m.
Ann: Mongolian Coal Acquisition , page-21
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