RE:RE:RE:RE:RE:RE:RE:Insiders filling their pocketsI sorta disagree with the $60M valuation.
If you're going to call it a $60M valuation, you're considering it on an undiluted basis. If you're going to reference post-dilution, the correct valuation is $100M cash + $60M NPV10 assets = $160M net assets. $160M net assets / 545M diluted shares = $0.29 per share. That's under the assumption that it is a $60M NPV10, which might be the book value, but it isn't the fair value. I figure a fair value is upwards of $150M, so let's call it $250M net assets / 545M shares = $0.46 per share floor.
My understanding from a guy who knows a guy is that the private placement is oversubscribed. What that means is that the buying demand from the primary market will almost certainly spillover into the secondary market.