Post $85m raise assuming conversion of notes- 1.45 billion...

Post $85m raise assuming conversion of notes
- 1.45 billion shares (plus options most of which well out of money now)
- no debt
- written down value property plant and equipment $126m (150k oz pa plant)
- net assets $200m
- 2.8m oz resource @1.8g/t
- 970k oz reserves @1.9 g/t

@8c per share fully converted market cap = $112m
= $40 per resource oz
= $115 per reserve oz
and
= 0.56x NTA
= 0.89x value of plant and equipment

i.e. buy for less than written down value of plant and get all the gold in the ground for free.

This has been a monster stuff up by management, there is lots of uncertainty, notes are worth more than ordinary shares because they pay interest and rank first in a winding up, and more capital beyond the $85m may be required yet to get to sufficient cash generation to see things through - but this must be getting close to rock bottom now.