Well no-one else has corrected me, so I shall correct myself......

Well no-one else has corrected me, so I shall correct myself...
the quarterly activities report published the day after my post updates the figures I put forward significantly
the $1,2m initially raised was used for debt reduction and working capital together with the $147k previously held.
So, as of 29 Jan 2016, Cash position of BLZ was $2.17m
Debt free. with an a facility to relinquish the tenement if chosen.
As for cash burn rate, from the quarterly ending 30 Sep 2015 , the projected cash burn for the following quarter (the one just past) was $20k admin and $10k exploration.
As it turns out they had a busy quarter and have cleaned up the shell settling debts etc so burnt far in excess of this, but I might suggest that the $30k burn rate may be a guide for the following quarters.

So to summarise: 115m shares at today's SP of 6.2c =MC $7,13m =EV ~$5m with ~ $2.17m cash on hand as of three days ago.

As always, please check all above facts and figures for yourself as they may be subject to error.
Please correct any errors you see here so we can all benefit.