RE:20 percent worth US$5.5 Million The Colombia project valuation seems very low considering the potential at no further monetary cost to Max for exploration.
There was $8.7m in the treasury according to the April presentation.
Allow for some cash burn and the $1m to pay for the Floraria Iron ore project payment.
So, is the real concern that there will be dilution in order to develop the new Iron ore project?
A low share price would suit the Max directors as they would be likely to participate in a CR at a much lower cost to retain their percentage of the company.
The question in that case would be....who are the directors working for? Us the shareholders or their own interests?
The current Share price action tends to make you cynical but at the same time it seems like a very low risk proposition for any new investors.