In a normal market I would think $3 would be easily justifiable...

In a normal market I would think $3 would be easily justifiable in the current economic climate for $800m in the bank and 412m shares issued, plus a significant amount of other tenements (hence they hit $6 on first announcement of the sale).

This is not a rational market, eg NHC have $2.5b in the bank and a very profitable coal mine and they are trading 20c above value of the cash (812m shares, so 40c LNC equivalent).

I would hazard a guess at $2.25-2.50 a share if the sale goes through at $1b