d & c counter offer by 2/10, page-2

Lets suppose that you do not value Strike's assets and just look at cash.

~US$20.5mil at end of last quarter,
less ~2mil ‘loans/admin’ this quarter,
less ~3.2mil for the shoot-out,
less ~9.25 if/when for rest of Cuervo (converting at a significant premium to their current share price),

equals ~6.05mil.

So after accounting for the short-run known cash outflows, and then if you take into account continuing overheads etc, it does not look like it will be long before Strike will have to raise more capital.

In my experience it is the expectation of cap raisings/returns that account for a lot of share price movement. Nevertheless, at a MCap of ~15mil, SRK might be worth slowly accumulating when looking at the long-run.