Tony, I do not think it is appropriate to include a cash balance to calculate a market cap, much in the same way that we do not included the value of our IP in the market cap.
I do understand the relationship between assets-liabilities=equity.
However, in this case it should not be included. Yes it does have a value, but it doesn't translate directly into cents on the share price which is why it's best to leave it off.
equity raising, page-75
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