Piper PaidFrom bythefan on HotCopper who is not a believer in this story:
$500,000
$1,000,000
25,000,000 shares worth $12,500,000 ish
8,000,000 shares worth $4,000,000 ish
Grand total: $18M
buys you 70% valuing the tenement package at $22,500,000 ish.
That's, just eyeballing it, about $1.5M per strike kilometre of the prospective contact. Plus they have a whoooole bunch of moose pasture to the north, but hey, I guess that's not too bad.
The vendors, collectively, will end up with 5.8%. Individually, though it's not stated the roportions to which these shares will be split up by the Vendors or their nominees, they will come in below 5% and won't show up on a substantial shareholder notice and can just flog out and hold their free carry while resting in Mallorca sipping mai tais. So not bad for them.
I am astounded by the price, but hey, scrip is cheap when you are priced on ounces you haven't discovered and your shareholders are already putting in the bank.
I think he meant Majorca sipping mai tais - oops, my mistate it's Mallorca in Spanishl.