CR are usually done at a good discount to true value - that's just the reality of the spec end of town.
The sophs investors parting with their money will want a good leg up on further good drill results - ie: they will want to get in on the CR as low as possible and the company will have to oblige like it or not regardless of how good the grades are here.
Cash at end of 31 Dec was $1.3mil
Estimated cash burn to end of 31 March is $600k, so that leaves $700k or so in the kitty.
Would expect sp to be under pressure with the upcoming CR - and after which it should have good rally on further good drill results.
Ann: Further High Grade Assays at Penny North, page-49
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