Valuation, page-169

Can't disagree with your analysis at all. 

Royal Road Minerals will be required to do a capital raise as they only had $CAD 5.6M in the bank as of 30-Sept-18, which was the last qtr report I could locate. They've agreed to pay $US4.6M or $CAD6.1M for these assets. These two companies will be very comparable going forward. Should MNC be able to lock away financing on a peer to peer basis we should be trading at multiples of 10 times our current price if RYR valuation is anything to go by. 5 times is probably the more realistic value, so it will be good to hear about MNC locking away financing soon... The rights issue shortfall can be placed by Patterson for up to three months after the rights issue close, so this would take this to 18th March... Being Patterson's have a 6 month retainer and rights to any future raisings it would be good to see some research/news come out about MNC from their analysts...