Current Price
The price here is a great deal and not representative of our value at all. Fundamentals here are strong with 1.5M in the bank, gold back abover $1500, drilling right now at Regcourt, at the end of last week we were on hole 3, still 10 holes to go. The Red Ore company where we own 8.8M shares will only have about 14M shares fully diluted when it starts trading. These shares will be held in escrow most likely for 18 or 24 months but any successful drilling there, and we should be drilling in June, will result in a significantly higher share price than the currently deemed value of 50 cents per share of 4.4M dollars.
So between cash and Red Ore share value currently, that represents about 6M dollars or our whole MC giving us zero value for the Regcourt property. With the early drill results we got, we know that property has significant value. I am still scratching my head on why the market is not giving us more value here but I keep saying to myself: If you know you are right, sit tight. Sooner or later, the market will give us a proper valuation at some point.
Patiently waiting,
Glorieux