I agree with your comments James, Although Stonehorse Energy has...

I agree with your comments James,

Although Stonehorse Energy has agreed to make a loan, i don't know if the Stonehorse reported cash holdings reported as 10,580,000 in last quarter is post or prior to the loan has actually been 'taken' out by Proton energy and the amount subtracted from cash holdings.

If they have then then their will be extra high interest from this . but this gain might be offset by the margin slow down from Juwell ..so it balances out. If they have loaned 418K to Proton at 40% APR then that is 167K interest per year or 40K per quarter.
If the loan was made prior to the last quarterly then the share price should be raised by 440K/number shares or 0.067 cents

			Per share
1	Loan to protonin Candian dollars	370,000
2	Loan in Australian dollars @ Exchange Rate CAD/AUD=1.13	418,100	0.00061
3	Interest per year @40%	167,240	0.00024
4	Interest for quarter	41,810	0.00006
5	Interest for quarter+principle	459,910	0.00067
6	Liquid Assets per share=min share price =0.0181+0.067 cents		0.01877

If SHE have not made the loan then their still holding the cash.

I also agree with you the number of loans made to Proton could increase, from memory Proton have a a lot of wells that would benefit from loans from SHE.
.
Hopefully will hear more on this in the next few months .

Also hope SHE is getting a good interest rate with the banks on their 10 million+ cash that should deliver another 0.5 million at 4.5 interest per year or 125,000 per quarter. If this is added back to the share price than the minimum share price should be above 19cents from cash holdings alone!

If it was for the lack of liquidity it you could call it a cash arbitrage opportunity.. don't know how long it will last for though before it reaches fair value.