value of ggx assets

According to the Aggregated Statements of Financial Position from GGX's Disclosure Document on listing the value of their exploration permits was $3.78mil. The value of Exploration Expenditure and Rights from the most recent annual report for GGX is $6mil (which I can only assume includes the value of the Saint Greide permit in France and exploration activity since that time which has been remarkably unsuccesful).

OIP has $12.5 mil cash in the bank. Even forgetting the value of it's other assets the price of 1 for 2.25 seems underpriced.

To me this suggests that OIP shareholders are being asked to value their company @ cash backing and GGX on their Exploration and Expenditure rights (including a significant amount for expenditure on exploration that hasn't turned up anything of any value).

In other words there is absolutely no value whatsoever being placed on OIP's non-cash assets. None. Nada. Zippo. Is OIP's interest in PEL 6 worth nothing? Same with Toenda 1? Other permits too?

Have I read this wrong?

JT