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Monday, August 24, 2009

Strathmore raises cash

They're selling the Wyoming Pine Tree-Reno Creek property for $30 million, or over 40 cents per share. That's roughly what the stock has been trading for. This changes their situation fairly dramatically on the other properties like Roca Honda. If the stock doesn't jump on Tuesday, I'd be surprised.

bruce, do you know what the value of the remaining assets are?
Very roughly, they sold about 15% of the companies assets for $30MM so the rest is worth about 5.7 times this or about $171MM. There are about 72 million shares so that is $2.37/share.

More importantly, this gives them plenty of liquidity and takes away that downside risk. This is a big deal and they should trade around a dollar soon.
Let me add a bit of detail. The Pine Tree Reno Creek assets had about 20 million lbs of U308. They sold it for $30 million or $1.5/lb

The company owns about 150 millions lbs total. So they have about 130 million lbs left. Valued at the same price, that is $195 million. Add in the $30 million in cash and that is $225 million of value or $3.13/share.
Here is a tip: Looks like there is a Chinese company looking to buy a piece of Strathmore. This could really help capitalize us.

Miller is looking into whether there are regulatory roadblocks.
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I recently read on another blog that Pinksheets has a female employee named Allison Funkhouser who was screwing her coworkers in their DC office. Any comment on this rumor?
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