Fun with numbers
The Zhaojin placement announced this morning should be the last equity issue, knock on wood. New share count:
Balance as of Mar 31: 527 million
Options 9.2 million
Dundee warrants 5 million
Zhaojin 7.8 million
Total 549 million
I'm not counting about 2.4 million stock options exercisable at Cdn$2+ mostly in 2023.
I was reading this morning about Orla's takeover of GSV. The Scotia analyst figures GSV has total Measured & Indicated and Inferred Resources of about 2.7 million ounces and the headline acquisition number of Cdn$242 M translates to US$69 per ounce.
Which got me to thinking. Sabina with 549 million shares at Cdn$1.10 has a market cap of $604 million or US$468 million. I have no idea how many inferred ounces Sabina might have, but I expect that on a like-for-like basis the number would be well north (pun!) of 10 million.
So, $46.80 per ounce in the ground. I'm not making any adjustments for cash - that will all be spent on capex. Likewise, no adjustment for streaming/debt deals. This is the financing package, something that Orla will have to arrange for this South Railroad project. In comparison to Sabina, sure looks like somebody got railroaded.