Hi SDECH was fundementally undervaued @ the IPO to get it away a...

Hi SD

ECH was fundementally undervaued @ the IPO to get it away a few weeks ago.

If you followed the old Leyshon Resources LRL (pre China) formally Normandy Mt. Leyshon (produced 3M oz AU) the calcs go like this:

LRL (NLY) @ 20c x 89M shares = $17.8M
less cash $ 8.0M
Enterprise Value $11.8M

Those assets have not changed,

Now ECH EV $11.8M
Cash $3.8M
Total $15.6M
divide by 20.4M shares

ECH 76c !!

or look at it in reverse.. if ECH is 25c then LRL would be

only 10.4c !!

Thats why I bought 75K thru the IPO and in the que @ 24c.