Bratt, with the number of shares already on issue, my best guess would be that unless it's a real stinker of a project, it will likely trade similar to DUO, GAL, XTV, i.e. between 1-2c, with quite a bit of volatility.
640M fpo currently
+ 200M vendor shares
+ 200M CR @ 2c
= ~1B fpo
MC @ 2c = $20M
Cash = $1.4M existing + $4M from CR = $5.4M
EV = $14.6M @ 2c
The above would seem pretty reasonable to me and definitely not a stretch for a reasonable looking project with a tech/bio focus. But i could be very wrong. On the down side, it may be a stinker due to either the project being boring or the vendor/CR terms negotiated being too dilutive. On the upside, it may perform beyond our expectations if it's an exciting business in the right space, e.g. SOR, BRN, KNE, POK etc
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Bratt, with the number of shares already on issue, my best guess...
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