Pangea Goldfields T.PGD Message Board

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Gold/Mining/Energy : Pangea Goldfields T.PGD

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To: russet who wrote (995)	5/29/2000 5:14:00 PM
From: russwinter	Read Replies (4) of 1178

As you may know I've been a buyer of TNX. They are an earlier stage but much smaller cap play, and PGD investors would be natural buyers of this stock. I was really impressed with PGD's modest burn rate this quarter. Management is doing a good job of being a fiduciary for shareholders. Total expense were $315,681 and they earned $160,681 in interest income. Net burn was only $155,406. Here's a quick calc of the capitalization: 22.0 million shares out 3.4 million in the money options @ avg of 2.03, would raise US4.6 million 0.2 million in the money warrants @ 1.68, would raise US200K. ABX's 1.0 million warrant @ 6.00 by 12/01, likely to be exercised? Probably. Raises US4 million. Total shares: 26.6 million X $5.50= US98 million minus cash of US15 million= Enterprise value of US83 million. Implies 2.5 million ounces at $30 to $35.

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