IPO's have been generally very poor of late (as everyone knows).
AL8 has done well (has large area of tenements and 100%)
G88 not so great (prospects have potential but that isn't working in this market atm)
There have been so many IPO's that have been 3,4,5 times over subscribed and done poorly on listing.
Lets hope that isn't the case here. Eloro have 39.9m SOI (fully diluted) and at current SP of 72c a MC of around $28.5m. They own 75%. So if CMT (EHX) were to be around $10-11m (given $4.5m cash), that might be realistic. But they still need to outlay an additional $3m to get the 25%...
Anyway, all hearsay, we'll find out come listing time
