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Gold/Mining/Energy : Corner Bay Silver (BAY.T) -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (4070)	5/21/2002 10:27:19 AM
From: Canuck Dave	Read Replies (1) \| Respond to of 4409

It's thinly disguised, but PAAS is basically buying BAY's ore body. They're creating this new "exploration joint venture" or something like that. Basically, BAY without a property. CD

To: Little Joe who wrote (4070)	5/21/2002 10:30:31 AM
From: I_C_Deadpeople	Respond to of 4409

Quick math: Each share of BAY gets .54 of PAAS, currently worth $7.67US , which is 7.67 x.54 x 1.54 exchange rate = $6.38CDN. Plus, each share of BAY gets .25 share in Exploreco. With 20.7M shares o/s in Bay, Exploreco has 5,175,000 shares o/s from BAY. The news release says PAAS has 10% of exploreco so that brings the shares up to 5.75M. With $5M US in Explore, it's cash value per share is $1.34 CDN. So, each BAY share pre-merger has a value post release of $6.38 + (1.34*.25) = 6.71 or so... hope I did that right..