2.50 and beyond, page-3

There will be about 81million EMU shares (depending on IPO take-up).
40million will come from the 1:2 free entitlement to IMA shareholders and about 41million issued at 50c ea in the IPO.
Therefore capital raised will be a max of about $20mill.
The EMU shares will be backed by this cash and the tenements. Some assays of >7%Ni have already been obtained.
All things being equal, a value on EMU of at least 50c looks reasonable.
IMO a good deal for the current IMA holders.
Robin Bromby in Mon's Australian gave EMU a mini wrap.