ValuationBased on $0.40/sh net operating cashflow per share, roughly based on trailing 2 quarters, and square ramp up which proved the processing facilities, shipping methods, buyer acceptance and all that now well de-risked now. Hence, CIA should be trading at say 8 x factor or $3.20/sh fair value IMHO. Net Debt is in the range of $100M and seems to be payable within the next 2 quarters if that were the objective. However, growth plans seems to be more interesting. I suspect we will see an increase in the bank line soon. The value of the assets and production can now be more fully assessed by the banks. I expect management will continue to build the war chest and then take on more debt to finance the next phase of production. I look forward to the engineering update on that point. Perhaps the 8x valuation will make more sense once that is posted along with an updated presentation. CIA is one of my top 2 holdings. De-Risked / Deep Value / High Growth Play. Awesome combination. Still time to load up since shares are quite cheap below $1.50/sh. Why wait until $3.00/sh to jump on the train. Buy low ... Sell high. :-)