CGX VALUATIONRough sketch of CGX valuation:
Shares Outstanding:
* Out Shares = 110,388,033
* Equity Raise for ~US $9MM (bridge loan @ $0.29) = 31,500,000 shares
* Equity Raise for $20MM (Rights Offering @ $0.29) = 69,000,000 shares
** New Out Share Balance = ~211MM shares
Asset Valuation (USD):
* US $27.5MM net cash -> $0.13MM/share (USD)
* Carry Costs, Corentyne & Demerara (8.33% to CGX, $8MM total) -> $0.04/share (USD)
* Corentyne (US $125MM to $175MM; 66% stake) -> $0.39 to $0.55/share (USD)
* Demerara (US $100MM to $150MM; 66% stake) -> $0.32 to $0.47/share (USD)
* Onshore Port Facility (US $10M) -> $0.05/share (USD)
* Onshore Berbice Block (US $10MM, 62% CGX Stake) -> $0.03/share (USD)
Above valaution does not include Prospector outstanding balance, Inpex outstanding balance, or the ~US $155MM in cost recovery available to CGX (Corentyne Block).
In USD, CGX valuation per above methodology (stock price) should be anywhere between $0.96 to $1.27.