11cents value for 9.6 cents

with the looming merger with the canadian company and the merged share price being quoted on both exchanges, surely it will trade at similar prices on each exchange ,adjusted only by the $ exchange rate., of the day.
at the moment intrepid is trading at about 11c australian ,equated to the 1 for 12 merger offer.
it seems to be to be worth a punt and gamble that the merger will proceed
the other factor is that once the merged share price is trading at higher values the merged company will be looked at by more institutions as an investment.