... assuming you add cash to the Market Cap:-
ROBUST RESOURCES
Robust
185m shares (fully diluted after issue) @ 31c = $58M + $3m cash = $61M mc
Tengri
(87.3% pro-forma) = $50M + $7m cash = $57M mc
TOTAL = 118M mc | Current mc = $31M
ROL $31M mc does not equal $118M mc = UNDERVALUED!
E.
