another phosphate stock to keep an eye on, page-13

The amount of issued capital is almost identical:

SMD: 57.3 million (this includes 27 million vendor shares that aren't quoted) + 6 million options = 63 million fully diluted shares

STB: 45 million shares (all quoted so more liquidity) + about 20 million options of various categories = 65 million shares fully diluted.


Both have similar market caps - $12.5 million for STB at 19.5c close, $15.75 million for SMD at 25c close.

The big difference is in the amount of cash they have - SMD has over 6 million cash, STB has only 1 million cash. Thats a very big difference for a small cap company - the extra cash that SMD has will fund a lot of exploration before needing a cap raising, while STB would need to dilute significantly at current cap to raise $6 million cash.

Both look interesting - it'd be nice if STB had more cash but they don't.