Platinova Resources A/S (PAS-TO) Message Board

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Gold/Mining/Energy : Platinova Resources A/S (PAS-TO)

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To: rdww who wrote (9)	2/10/1998 6:18:00 PM
From: LinT	Read Replies (1) of 19

Another possible explanation could lie in the fact that the different companies have different share structures. LEX has about 27mm fully diluted shs o/s. FML will have approx. 28mm fully diluted shs o/s after their most recent placement announced Feb.6. PAS has two classes of shs (with TSE stock symbols PAS and PVA.S) that combine into some 45mm shs. At today's closing prices of $1.95, $0.75 and $1.60, LEX's market cap is $52.65mm, FML's market cap is $21mm and PAS's is $72mm. In comparing LEX and FML, LEX trades at a premium to FML cuz LEX is further along in the exploration process. LEX has identified drill targets and has begun drilling. FML is in the process of refining their areomag targets with geochem and geo physical data to arrive at drill targets. PAS is also drilling. PAS has stakes, through numerous agreements, varying from between 50% to 100% of the project. For this PAS's market cap is greater than LEX's. Does any of the above make sense to anyone, or has anyone ever looked into valuing these types of companies in this manner, or is this result even meaningful???

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