antlizzie,

Good to hear from you.

Your post says: "I emailed the company over a week ago and asked about share structure. We know there are about 60 million shares outstanding once options are included. I asked if the treasury had shares. I have had no reply."

Same with me. I was expecting some reply to my e-mail from them as well, but have not heard back for about a week. Normally, they are quite snappy.

My guess is that they are in some kind of a quiet mode, negotiation going on with some strategic partner(s)?

Anyway, as I recall reading somewhere in other company's documents (those they send along as background material for an Annual General Meeting) there is some maximum number of shares in treasury the company could issue. And the company would ask for shareholders' approval in a vote say at the Annual General Meeting. Usually, it's a large number, much larger than the FD. The company wants flexibility in issuing additional shares without having to go back to shareholders for approval. Surely, ZEN should have this number somewhere. My wild guess would be, at least, another 100M shares in reserve. So, how much Capex would they need to build the mine and processing facilities? Take 100M shares x ?$/s = ?

goldhunter