Inherent Value of Itafos SSP PlantOne way to garner an appreciation of what the Itafos plant is worth is by the financing deals struck to build it. Through a syndicate of underwriters including Canaccord, BMO Capital Mkts., and National Bank (GMP, Paradigm Capital and Raymond James jumped on board later on), the following bought deals took place during construction: 1) Jan. 2012 - 13 million shares @ $2.70 each for $35.1 million; 2) Aug. 2012 - 7.5 million shares @$2.70 for $20.2 million; 3) Jan. 2013 - 10.1 million shares @ $3.40 for $34.5 million; and Apr. 2013 - 23.5 million shares @ $2.20 for $51.7 million (all Cdn. dollars). All the overallotments were soaked up by these underwriters at the time as well. These bought deal financings were book ended by bank loans to complete the plant construction. The company appears to have been very prudent in issuing new shares only when valuations were high and securing loans otherwise so as to not become too dilutive to shareholders. Too bad they were not as effective in managing the rest of the operation. Nonetheless, I think we should see a sizeable chunk of that money returned in a buyout. Greg