Today's meeting passed resolutions authorising the issue of 131,650,000 new shares and a number of new options as well.By my reckoning that means the company now has a total number of shares on issue of 305,707,000 shares plus a rather large number of options as well giving it an undiluted MC of $87M .....wow !!!
So I wonder how many new people who've bought recently were even aware of today's events or have considered the intrinsic fair value of this company which hasn't done any drilling other than a little auger drilling.
To put it into perspective Sipa Resources have a MC of $79.7M and that's for a large number of prospective leases across 3 projects and for a very skilled technical team and their recent discovery at Enigma.
I have a feeling that this oddity/disparity won't persist for very long
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