COW Valuation, page-7

Considering the IPO will be a reasonably small amount and Managment knows the area/drill targets very well, some Gov funding for initial drill campaign is also coming our way. By then the TAW merger will also be completed and all the big news items will be ready to be released, which should see our merged entity re-rate very nicely.
Also, the sector downtrend we are in at the moment is now on for approx 8months already, a change in trend will have to come sooner than later.

By the time (if) all the above transpires, I would dare say that the demand by all of Canacord's clients for a chance at entering COW at basement rice of 0.20c will be very strong.

All IMO