Paradigm Valuation Straight from the circular posted on Nords website. Absolutely no explanation of how they arrived at these numbers.
"Valuation
Based upon and subject to the analyses, assumptions, qualifications and limitations discussed in the
Valuation, Paradigm Capital is of the opinion that, as of October 16, 2012, the fair market value of High River is
in the range of $1.33 to $1.80 per share.
Based upon and subject to the analyses, assumptions, qualifications and limitations discussed in the
Valuation, and such other factors as Paradigm Capital considered relevant, Paradigm Capital is of the opinion
that, as of October 16, 2012, the fair market value of Nordgold is in the range of $4.02 to $6.60 per share."