Hi Sabine
the company was trying to sell Penny's ~3 years ago (mid 2014). Since that date they have issued 272 mill shares, so would have had 211 mill on issue (have 483 mill now). So on your valuation method, they were trying to sell at 1.4c/share. Now, with gold price virtually unchanged, but AUD/USD falling from 0.94 to 0.79, to have a share price of 2.4c seems OK. Oh, and we have a mine now.
DYOR
Hi Sabine the company was trying to sell Penny's ~3 years ago...
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