base case valuation

Been a bit of discussion re value of CSE based on it's cash position and holdings in SYR so thought i'd post the following back of the envelope calc:

CSE currently has 107m shares on issue

CSE current cash position at end of DEC quarter was $2.6m. Say they have burnt through .3m this quarter in admin so they currently have $2.3m in the bank.

CSE own 11m shares in SYR. Current SYR price is 87.5cps so a crude pre-tax valuation of this holding is $9.6m.

Add the $9.6m to the $2.3m for an EV of $11.9m.

Divide the $11.9m by 107m shares on issue for a cash/liquids backing of roughly 11.1cps against last sale price of 10.5cps. This does not attribute any value for management expertise/connections/future projects etc..

Of course this will change as SYR's sp moves around but it's nice to know that you can currently buy CSE for less than the value of it's cash/assets... with big potential for market cap increase shoudl they snag a decent project in the near future..

DYOR JMHO etc etc..