BONTAN CORP INC BNTNF

RE: how high

[ajootian]

To clarify the fully diluted shares out, the company has about 9 M warrants @ $1, that expire in mid '05 if memory serves. So to be fair if we include the warrants in the # of shares out we should also include the $9 M of cash that would come in from the warrant exercise. This would make the NAV something like $2.80/share if they discovered 50 BCF of gas gross. They would also be flush with cash, ready to drill out the rest of the AMI without having to dilute shareholders any further. The massive volume on Friday is a clue that some real Bontan news is about to come out and my earlier musings of the BNTNF rally just riding on the coattails of the Interoil rally appear to be inaccurate.