Not really....capital raising price versus value to acquirer for...

Not really....capital raising price versus value to acquirer for takeover different things....

Given current size of JORC, operational, low expected opex costs once in commercial production (advantages of West African goldie), and in particular resource potential of Ashani Belt...as a guide I would use EV/oz peer values and recent acquisition multiples of other goldies at same stage of development...

As a guide....higher grade west africa goldies trade at EV/oz of 150+

So for SBL a EV/oz of 100 to 120 would be where my upper end target would be (lower grades of current JORC, but potential for higher grades with deeper drilling)