Mongrel! Your maths is wrong.
IF it is $0.30/t 540mt = $162m + cash $8.2m (as 28/4/11) + $6.9m (placement) = $177.1m.
ROY shares + options = 330.3m + 38.5m (placement) = 368.8m (fully diluted).
$177.1m/368.8m = $0.48/share (ps ROY probably spent some of $8.2m cash on drillings & salaries already).
this stock is set to take off, page-4
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