Such a dealEnd of q2 08 SBR had about $35 million cash, including the subsequent 1.5 million share placement at $3.
They have a 2008 exploration budget of $14.9 million, so assume that they have $20 million at the end of 2008, or about 50c per share. Still seems like a deal at 14c doesn't it?
Budget for 2009 is $18.5 million so they are empty by end 2009 assuming they keep spending.
Kind of like ordering a $100 bottle of wine at a restaurant, but you only have to pay $15!
The only catch is that the waiter uncorks the bottle in the kitchen and carrys it up-side-down to your table.
Hopefully there is still some wine in the bottle by the time it gets to you.
I bought some at 14c this morning.