It does if you are doing a CR to contribute to a JV and or making a script offer.
As much as we both think it is worth 20 to 30 million, it is only worth what someone is prepared to pay.
The upside might be built into the JV with small cash for HOR
For example:
3 cents cash and 5 shares in XXX where the 5 shares would be say 20% of the bidder with an MC of 100million.
That's where we get $25 million worth of value.
Ann: Strategic Review of Horseshoe Lights Copper-Gold Project, page-26
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