On Nov. 20 Genuity released a 9 pg report on Noront. The price that day was 2.08.

The report mentioned the target price was moved from $3.10 to $3.50.

I looked at the report again and noticed something I didn't notice before.

Genuity writes, " This valuation is based on a GCM estimated fully diluted "in the money" share capital structure of 176.4 million shares as well as projected financing of 5.3 million shares for exploration activity.

Later , under the "valuation updating our conceptual value", I see the following written:

"Additional exploration and feasibility costs of 80 million financed 25% equity and 75% debt."

I am reading this again and trying to understand this. Is genuity implying the following:

25% x 80,000,000 = 20,000,000 bucks

20,000,000 bucks divided by 5,300,000 shares = $3.77 per share financing?