Including the options that strike below the last trading price...

Including the options that strike below the last trading price of 47c (i.e well in the money), the market cap is $39M.

Before any appraisal well is drilled and target depth variables measured, $39M seems to fully value the position of the company, relative to the sector. The terms of the deal were very harsh against TEY, especially when you look at similar financing/JV deals (i.e PTR, GDY, PAX)

I'll be stoked if I'm wrong, and that people are waking up to the potential of geothermal, but it's unlikely that TEY deserves a significantly larger market cap than at present.

Cheers