1.7m cash coal and fe projects mc less than1m

Undiluted mc of CES is now less than $750k!!!

They have $1.7m cash, coal and iron ore tenements (recent drilling indicated 6-7m plus coal seam thickness), about to receive 10m shares in a new coal ASX listing (HRL) which would equate to $5m (shares will list at 50c each).

These will probably be distributed in-specie to exiting CES shareholders, as per the HRL prospectus.

I just dont get this one...thats potentially a minimum of $6.7m cash backing (incl. shares in HRL), excellent coal prospects with proven ceam hits of thermal coal, and new iron ore licences covering over 15,000 hectares in indonesia, with potential haematite (bedded iron deposits).

No ramping, just want to discuss why this one has dropped so much, and is not moving in a coal and iron dominated market.

I hold a few oppies.