If we take the closing price on the ASX of .29 cents before the TH and cap raise announcement we have an implied MC of $118 million
If we assume all options are exercised and the SP is oversubscribed to the full value of $5Million then this will add $8.6 million to the value of the company (total $126.6 million)
Total shares on issue will have increased to 446,322,222
If we divide the new MC by this amount a fair share price should be .284 cents per share.
Thus in my opinion I agree with Maxi and believe that EUR has been oversold.
