I reckon with the one for two distribution to BNR holders then each BNR share is probably worth about
4.5c to each of us (in PNR shares) and we would still have our shares in BNR which is going to be a cashed up little shell and the shares would be worth at least cash backing. As far as I can work it out current cash is $1.17M then 40 million PNR shares worth about $3.4M + 20% of gold production in April being about 500 Oz. or about $800k so that would see BNR with about $5.3 M in cash or around 3c a share cash backed. One might expect BNR would trade at a slight premium to cash backing so maybe around 3.5c -4c .I reckon the outcome is a value of about 8c a share to BNR holders
One would think management would probably have an acquisition in mind ....probably a little gold project somewhere in WA. I hope it's a good one .
BNR Price at posting:
6.3¢ Sentiment: Hold Disclosure: Held
