Mira Resources Corp V.MRP

New Valuation of Mira: Taking into account new options...

[KidKorsakoff]

With a sale of Mira assets to a mid sized company in the region almost imminent I am wondering what the share valuation would be. The AGM approved 20% new options and I imagine those would be near the current valuation so there will be a dilution + a new economic incentive for Mira leadership to sell at a reasonable price. If the previous valuation was around 30 cents (rumored what was offered 1.5yrs ago) would the new value be 20 to 24 cents/share?

[MRB403]

Can you elaborate more on he AGM?

[KidKorsakoff]

Sure. At the AGM last week all items were approved: Appointment of auditor, Share Consolidation (50 to one), name change to Lighthouse Resources, Election of Directors, Appointment of Auditor, and the Ratification of a 10% Rolling Stock Option Plan. On the last item I made a mistake in my original posting about it being 20%. This rolling 10% plan means there can not be more than 10% of the total

[MRB403]

Isn't  2 to 4 dollars a barrel of untapped oil normal? Why a sale? I haven't heard anything so very curious...

[KidKorsakoff]

Not a lot of time to do a financing and then drill a well to keep the lease (expires in March 2015). With 9 months they are best to merge with a company with the cash to drill and complete. If you use your $2 to $4 estimate what are you using for the recoverable to determine the value? With that value and the MRP interest what do you estimate the share value should be?

[notthor2014]

KidK- since you went to the AGM did they address the default letter that was announced last year? Did they state it had been removed, that would be great news

[JR12]

This post has been removed in accordance with Community Policy

[wkndcoffee]

Depressing,  Been here for over two and a half years... my fault one could say... You Think!  It's been a down hill spiral from the thirties... as in cents... to a greatly devalued  half Penny! Loads of debt, zilch apparently in the bank... dealdlines that never came about... exodus of main personailities... zilch in shareholder communication... all those talked about resources

[KidKorsakoff]

Correct on the complete absence of shareholder communications. It almost seems intentional to keep the share value down. How hard is it to load PR or a PDF to update a Web site? Keep in mind Mira still has a very good O&G asset in a hot area. The Schlumberger reservoir report would put this asset (with Mira's 48% interest) at $50MM to $75MM (based on $90 oil) so taking out $10M debt

[Beejeezus]

A complete absence of communication would be a hint of an impending almost imminent buyout???? Or could we actually going to production. But I have my own assumptions.... they want More Stock for themselves or the acquirer isnt getting the Volume of sellers so they gag the f.a.g ...but just a wag

[KidKorsakoff]

One would hope there is an imminent buyout. I am not sure what you mean by "going to production" since this would mean they would secure the financing and get all the drilling scheduled, etc. They have not been good at that and they do not have team members to lead the drilling and completion. The trading volumes have been low for quite some time and I think there is lots of stock

[Beejeezus]

Weel you wondered yourself why the lack of communication....well one could surmise since they had dilled a hole already even More would have some experience....they would've gleaned a plan From Cavanaugh on how to drill TSB 3......If you have been paying attention to my posts Simbi Capital has a Mandate to Exploit O & G opportunities in Africa...so one could surmise More could consolidate

[KidKorsakoff]

I did not go to the AGM. I just called mgmt. for an update. They are taking calls. I believe there is still a default and that is a negotiable amount that they are working on. I recommend that you give them a call.