Ann.Trading Halt, page-5

Purely on market cap and shares issued, I calculate the ratio to be about 1.6, e.g if they merge with us, we give them 10 shares for every 16 of theirs or, if we merge with them, we get 16 of their shares for every 10 of ours. If one company is agreed to be more under valued than the other, then this ratio would have to change. I believe that we have more potential because of the larger ground and the vanadium so maybe the ratio should be nearer 2 for one.