Completely wrong
Undiluted:
TMT - 35m shares @ 18c = $6.3m mkt cap less 3m cash = $3m EV
AVL - 1.3B shares @ 1.5c = $19.5m mkt cap less 2.5m cash = $17m EV
Then on a fully diluted basis:
TMT - 60m shares @ 18c = $10.8m mkt cap less $5.5m cash = $5.3m EV
AVL - 1.8B Shares @ 1.5c = $27m mkt cap less 8.5m cash = $18.5m EV
Obviously the cash figures in the fully diluted mkt caps increase by the cash paid for all the options being exercised.
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- Ann: MAIDEN INFERRED RESOURCE - HIGH GRADE OF 29.5MT AT 1.1% V2O5
Ann: MAIDEN INFERRED RESOURCE - HIGH GRADE OF 29.5MT AT 1.1% V2O5, page-62
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