I don't especially like Americas Bullion Royalty, but they are the poster child for the dysfunction of miners. They have $35 million in cash, no debt, and are royalty play, yet they have a FD market cap of $13 million. It looks like a no-brainer 100% return unless gold prices never recover.
Company Assets – Post Arrangement
On March 28th, 2014, the AMB shareholders voted in support of the Arrangement with Till (see AMB news release dated March 31st, 2014). Upon completion of the Arrangement, which is subject to certain customary conditions, the general nature of the assets of Till will be:
Over CAD$35 million in cash and securities
Approximately 55 separate royalty interests, including deeded and option royalties
Ownership of all of the issued and outstanding shares of Resource Re Ltd., which holds a Class 3A insurance license in Bermuda
Assuming completion of the proposed subscription, on a private placement basis, of common shares of Silver Predator Corp. ("SPD") (see AMB news release dated March 25th, 2014), ownership of up to 75,000,000 shares of SPD, representing approximately 64% of the issued and outstanding shares of SPD, assuming no additional shares are issued by SPD
Ownership of up to 15,000,000 shares of Northern Tiger Resources ("NTR"), representing approximately 54% of the issued and outstanding shares of NTR, assuming no additional shares are issued by NTR
Ownership of 6,000,000 shares of Wolfpack Gold Corp. ("WFP"), representing approximately 12% of the issued and outstanding shares of WFP, assuming no additional shares are issued by WFP
Ownership of Cuesta del Cobre, S.A.; interest in the Adelaide, Tuscarora and Carlin Vanadium Projects in Nevada, USA and 50% interest in the Angels Camp Property in Oregon, USA
Approximately 160 oz of gold bullion.