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Gold/Mining/Energy : dba Telecom's SmarTalk ranks better than Nortel/Lucent/Mit
DBA 25.76+0.1%Jan 26 4:00 PM EST

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To: Rob who wrote (486)10/3/1999 3:14:00 PM
From: Rob   of 553
 
Capitalization review:
This is roughly the way it appears based on published documents(millions):
- Shares issued at Dec 98 = 22
- warrants and options o/s Dec 98 = 19 (note 1)
- Shares issued Sep 99 = 17
- Total = 58 mill shares FD

Note 1. About 14 million of these are for cash at rough avg price of $.17 or $.18; 10 million expire in Nov 99 (1/2 for interest in moulds; 1/2 for $.17 ($850k)

On a FD basis the market cap is approx. $11.5 million. I would suggest that if there is to be significant further financing outside of instruments already issued then it will likely be at higher prices (hopefully much higher)
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