Value Microcaps Junior Miners

[curlews]

BN.v - I have not sold any yet (65k). I still think this offering stinks, but I also see the stock as still undervalued. If I remember right, I'd seen a range of cash flow per share estimates for 2008 of .29 to above .40, assuming no crash in zinc price. Now with this additional dilution, that could drop as far as .22 to .30, or even a bit lower with the strong Canadian dollar. With the stock at .54, that is still a price to cash flow in the range of 1.8 to 2.5, or maybe as high as 2.2 to 3.0 adjusting for a 20% increase in the exchange rate. And now they have an extra $40MM in their coffers, with more to come upon conversion of the warrants. That will reduce interest costs, helping the bottom line.

I have not seen a strike price for those warrants specified in the PRs. Have I missed something? Is it above market?