I'd expect a much lower valuation for Baobab (say $50m) given softened conditions in the phosphate market. Also there needs to be some acknowledgement/credit given of the amount of cash Avenira has put into the mine development.
This would limit the amount of shares that need to be issued to bring the remaining 20% of shares back to Avenira, say 80m shares @ 12c instead of 150m plus if valuation was more than $100m.
They could also raise a further 80m @ 12c to fund JDC (another $10m). The last raising was done at a premium to current share price.
The downside is that it would take shares on issue to over 700m, but at least they would be in steady hands.
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- Ann: Baobab Phosphate Project Update
Ann: Baobab Phosphate Project Update, page-8
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