pvm vs pir - massive upsize

PIR:

249mln shares, 46mln oppies (20c).
$22mln cash.
Mali gold project: 3.14mln Oz at grade 2.4g/t.


PVM:
275mln shares (16mln oppies/warrants).
$30mln cash.
PVM is raising C$100mln at 84c CAD or 119mln shares in Canada.

Ghana Project:
4.5mln Oz of gold at 2.2g/t.
PFS: 220k OZ/p.a at cash cost of $630USD/OZ.
Capex $297mln, NPV = $600mln.


PIR's MC is about $460mln and PVM is about $233mln (before the $100mln capital raising). That massive $100mln capital injection will significant derisk its Ghana project which provide a clear path toward development and gold production.

in my opinion, PVM is a more attractive punt than PIR.