RE:RE:Sprott lending and sprott own to loan From the June 2018 AR
The Company recorded the Credit Facility at fair value, less transaction costs. The fair value of the debt as of December 8, 2017 was $7,054,850 (USD $5,500,000).
Ignoring minor assets, minor liabilities and off balance sheet items the company priced the downside value of assets at CAD$7M. $7M/175M shares = 4c/sh
The company also priced in an upside of 12c/sh via options.
$12c * 175M = $21M
The book value of 7.4c/sh was somewhere in between the two extremes.
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Notes:
George Young initiated the bulk sampling program in June 2017 and arranged for the credit facility in Dec 2017. He retired as President, CEO and Director in Jan 2018.