Ann: Jervois issues US$5.1M Tranche 2 Convertible Notes, page-4

1)So the cobalt stock and debtors would pay off the Mercuria loan with next to nothing left over especially after paying off the creditors/staff.
2)You're assuming that BC didn't overpay for the Finland refinery when he paid A$131.5mil - that's a big assumption in my book.
3)The ICO mine cost over US$300mil in acquisition & development costs and, in my opinion it's commercial value is zero - it was always too small a mine with its production profile and was never going to make money and in my opinion never will.
4)There is no asset value in the Brazilian refinery as they don't even own it - all they have is a lease with an option to pay a purchase price in 2024.
5)Nico Young must be next to worthless in my opinion - if he finds someone to pay A$5mil then it's the best deal he's ever done.
So we're saying there's asset value of maybe A$223.1mil($86.6 cash+$131.5+$5.0) against the ICO bond liability of US$100mil minimum(A$154mil) giving a net asset value of A$69.1mil against a current market capitalisation of A$135.1mil - sorry but it seems to be overvalued by the market at the moment on my back of the envelope cals.