If you read the release it says SOC owns 72% of Mt Adrah. They have 41,825,000 shares in Mt Adrah. So 100% would equal approx 58m shares. 20c IPO would equate to $11.6m before $2/$3m is raised, which is roughly the same value that AceA contributed at before the $2m was spent.
ipo valuation around $11.5m
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Mkt cap ! $12.44M | |||
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