AXT has 7m PANR shares
today worth $1.8m + $400k cash = $2.2m liquid assets
About 2.3c cash per share backing
Pantheon will be hoping to drilling ~ 17 Woodbine Wells
Each well worth to Pantheon $50 - $100m to Pantheon
Take low result of $50m x 17 wells = $850m
Pantheon Currenlty worth $25m
upside is significant
AXT could move very hard here
