$1.88m cash. They are raising (net raising costs) $1.67m. So they'll have about $3.57m cash, plus 5 projects: Browns Reef, Murrumbateman, Lake Douglas, Utopia, and Environmental Oil Solutions.
At a current market cap of $4.53m (prior to today), this leaves a project/asset value of $1m for all of these put together, or $200,000 per asset. __________
Not too shabby! There are shells- without cash, without assets,and with untested management- that have been trading for more. This company is also a bit of a shell, as it might buy more assets.
At a 10c raising price, there's still some 40% to get there. It may not get there- who knows? But gee, it's an interesting one.
