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Gold/Mining/Energy : Zappa Resources
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To: dean poets who wrote (93)6/9/1997 11:23:00 PM
From: stuffbug   of 174
 
Dean: You sure got that right. Off hand, do you know how many shares are owned by Cambior? In February, Cambior purchased 2.3 MM shares at $.65 and received options to purchase 2.3MM more shares at $.78. Now, Cambior will purchase a further 1.7 MM shares at $.55.

Assume that the number of 17 MM outstanding shares is before Cambior's recent purchase. Thus, if Cambior exercises its option to purchase the additional shares, then it will own 6.3 MM shares (minimum) or approximately 30% of the 21MM shares which would then be outstanding.
Picking up 30% of Zappa for little more than $4.2 million seems like one of the best buys of the year. If Cambior were to make a bid for the entire company, what kind of price do you think would be offered?

Regards,
Mike
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