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Do not be surprised to hear of some activity in Ethiopia !

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Guggs

603 Posts.

14/09/16

14:22

Post #: 19148690
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Originally posted by chuk ↑

"Another interesting element form the broker report was that the valuation was higher with ORR staying at 25% rather than moving to 50% due to dilutionary effects and the fact that at 25% the capex share is basically covered."

With Equinox, Craig Williams' mob funded the large majority with debt so dilution was low. I would expect similar here. The broker obviously is assuming equity funding. The more we end up the better IMO - Far better. I don't mind debt on a high margin project. If the brokers begin to assume 100% we will see much more upside.

Did you guys see today's report? Pre-feasibility study now due to complete first qtr 2017. A few months ago the scoping study was meant to be finished last qtr 2016. This fast tracking is going very well. Also of note was that they are continuing to assess other opportunities.

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Do not be surprised to hear of some activity in Ethiopia !

ORR Price at posting: 58.0¢ Sentiment: Buy Disclosure: Held
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