merger and valuationI reread this from the merger agreement with Golden Preditor last year:
"Combined cash and investments of $23M, including shareholdings in Seabridge Gold Inc., C2C Gold Corp. and Group 11 Technologies Inc."
Ok, the above sentence is talking about assets OTHER THAN both the Copperstone and Brewery Creek mines and all the gold contained in them!
Right now, today, the market cap is $37 million. If you substract from that the $23 million you get just $14 mlllion! So it's saying that all of the gold resources from BOTH projects including infastructure (and the already mined leach pad gold already just sitting around at Brewery Creek, is worth a measly $15 million!)
What this is, is purely a shareholders reflection of management's inability to meet promised timelines and costs. Yet the CEO says he can't figure out why anyone would be selling at these prices.