Well undervalued13 Oct 2015 12:02
$6.3m cash (£4m) as at 30 June 2015 and only 183m shares in issue
£4m/183m = 2.1p based on cash value alone + $13m existing other assets + $5m potential offer coming our way.
A new conditional exclusivity agreement with David-Invest LLP, a Kyrgyz registered company, and a related company, David Way Limited, a Hong Kong registered company with a view to the potential sale of its Akdjol and Tokhtazan gold exploration licences in Kyrgyzstan. The Potential Buyers have the option to purchase the Akdjol-Tokhtazan Project at any time on or before the 31 December 2015 for a consideration of US$5.0 million. The previous non-refundable deposits of US$400,000 received by the Company during 2014, will be applied against the consideration in the event of any sale.
The Potential Buyers will fund the exploration programme for the Akdjol-Tokhtazan Project licences (which are due to expire on December 31, 2015) on a non-refundable basis for the Exclusivity Period; and the Potential Buyers have the right to terminate at any time.
As at June 30, 2015 the Company had cash and cash equivalents of $6.3 million and estimates to have sufficient working capital to fund it exploration and administration obligations for the next 12 months.
Currently well undervalued!!