taking into account the placements and the rights issue and c-note I’m getting theoretical value of 8.7c per share. Since this price implies conversion of the note at 7.5c it brings it down to 8.6c per share - about the same.
This assumes that it was priced correctly before the suspension. It’s a slight discount to trading price but not enough to call it arbitrage at this stage.
Ann: Investor Presentation - Fully Committed $22.3M Capital Raise, page-26
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