RE: A lot more shares out thenHere is the current share structure:
7,247,703 issued when it was PCF
40,000,000 @
.075 plus 40,000,000 warrants @
.10
30,000,000 for Ungava property
8,000,000 to drop lawsuit against property vendors
1,010,000 for property commission
13,125,000 units @
.40 plus half a warrant exercisable @
.65
28,400,000 units between
.50 and
.55 with a warrant exercisable @ $1.00
352,000 options exercised @
.24
________
128,134,703 Total shares issued today with a further:
40,000,000 warrants @
.10
6,562,500 warrants @
.65
28,400,000 warrants @ $1.00
782,000 options exercisable @
.24-0.27
__________
203,879,203 Fully diluted
This is a pretty ambitous project. Ungava Bay is in Nunavik and the drilling season is only from June to September. Micon is suggesting the first drill program of $4 million and the second to be $4 to 5 million. Whoever got those 40,000,000 shares at
.075 and warrants exercisable at a dime got in on the ground floor but since those are free trading now I would have thought the share price was hit a little harder. Somebody has bought close to 12 million shares between
.60 and
.70 these last four days so I guess they think there is something to it. The price of iron ore has doubled in the last couple of years but it will be a lot more expensive then Australia's or India's price to get it out of the ground which is $40 and $100 per ton respectively.
At least this has a future which is a lot more than when Pressello was running it.
Anybody else have any comments????
Do your on DD and GLTA