$6.85 valuation per share becomes serious now , page-23

chatzyboy,

On 9 August, 2010 Northern Uranium announced it had signed a binding Letter of Intent with Jiangsu Eastern China Non-Ferrous Metals Investment Holding Co., Ltd, an affiliate of East China Exploration & Development Bureau (?ECE?).
Subject to approval from Northern Uranium shareholders, ECE will invest about A$15.7m in your Company at a share subscription price of A$0.145 per share.

However, after ECE offered 14.5c per share for NTU, NTU SP soared to 20-40c due to LYC's competing on the market. NTU board rejected ECE's 14.5c offer right now.

Do not forget that ECE's bid has to get TNG's SHs approval, although current SP is 9c, I will vote NO!!!


Suppose TNG's current SP is 13-15c, do you think ECE can acquire TNG's 30% at 11c? That's why ECE is trying its best to manipulating the SP, ECE has set up a company in Darwin, it's very easy to do so. Although ECE lost some money to maintain the 9C cap, but once it got 30% of TNG at 11c, this lost is nothing.

That's what I said: ECE learned from the NTU lesson, it is taking actions on the maeket to secure its 11c offer.

In my book, this is not a real seller. Professional seller wonot put a cap in this way, when next offer is 9.4c, this seller never put offer at 9.1c, 9.2c, 9.3c, just always refilled the 9c cap. It didnot sell off at 8.9c, 8.8c, 8.7c as well.

IMO, the seller is also the same buyer at 9c, when there are some other unknown sellers followed the 9c selling, it bought the shares.

So, clearly the 9c seller can only be ECE.

1, It's not WWB Investments, it wonot damage its huge investment in this way.

2, This is not CBH, JP Morgan as well, as I said this is not professional selling. Since ECE offered 11c, if any other major SHs wanna sell shares, it may get a OFF MARKET deal with TNG, not on the market.

3, Not me as well (I am within top 20), I think the true value of TNG is between $1.5--6.0 per share.