Here was text from their Dec 3 press release. As you can see, the the previously announced 482 million shares, but a mere 443 million shares.
?As of November 30, 2012, NewLead had 309,510,713 shares of common stock outstanding. Upon closing of the final phase of the restructuring, expected during December of 2012, NewLead expects to have a total of 442,880,573 shares of common stock outstanding."
Actually, at various times, the company has given different share counts. Two announcement ago, they said they had 482 million shares. But, the last announcement had it at 444 million shares or something close to that.
The company is now giving this new entity 258 million shares, for a total new share count of about 702 million shares.
If you take 258 divided by 702, it is 36.8 percent of the equity. That is what they mean.
But, you are right. The company at one point had the share count before this up to 482, but, then scaled it back, showing how professional they are.
So, if you wanted to go calcs and the metals were really worth $236 mm, which we both know it is not, then we need to go 236 divided by 258.
In any event, I am happy to stick with a run-rate revenue of $10 mm on the old shares of 444 million, which is still 2 cents a share in revenue. Even before the new dilution, the company is trading at almost 100 times sales. It must be the Internet Bubble all over again.