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Re: amarksp post# 332

Friday, 06/06/2003 7:16:11 PM

Friday, June 06, 2003 7:16:11 PM

Post# of 547
new math = US$.67 **
currently trading @ Can$.78 = US$.58

this US$.67 includes ONLY the "likely" amount to be distributed to shareholders... Thus, MOY now trading at 86% of the "likely" distribution to shareholders...

**excludes everything else..., i.e. cash on hand, 30% NEM shares retained, existing MOY gold properties, and NEM royalty...
____________________________
________________________________
The new math with NEM stock price @ $32.25:

$20,000,000 NEM consideration
$25.50 share exchange rate
784,314 total NEM shares to MOY ***
70.00% assumed % distribution to MOY shareholders
549,020 share distribution to MOY shareholders
26,414,014 MOY shares o/s
0.020785164 NEM shares per MOY share
$32.25 NEM share price
$0.67 arbitrage value of MOY share in US$
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*** Note, the 784,314 shares have now been confirmed by MOY latest quarterly report (see page 2, paragraph 2):

http://www.sedar.com/csfsprod/data38/filings/00547392/00000001/w%3A%5C3w_out%5C25493%5C1qtr.pdf

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