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Patterson Lake Spread Gets Silly

|Includes: ESOFF, Fission Uranium Corp. (FCUUF)


Ordinarily I wouldn't create a post simply to illustrate the spread between Alpha and Fission, but it has become too wide for me to stay quiet.

Here's where it currently stands.

On a fully diluted basis, Alpha is trading at almost a 12% discount to Fission. In my experience, that is not a sustainable siutation.



  Share Price Basic Shares (mm) Cash, basic ($mm) EV, basic ($mm) F/D Shares (mm) Cash, f/d ($mm) EV, f/d ($mm)
AMW $5.85 25.3 18 $130.01 31.4 $33 $151.19
FCU $1.16 149.5 16 $157.42 168.5 $27 $168.96
Spread       21.1%     11.8%

Disclosure: I am long OTCQX:FCUUF, OTCPK:ESOFF.