Yep I would be extremely happy with $20 per share and that is about 10% of the current estimated in situ resouce based on the following:

1,418,000 tons of graphite

$8500 per ton

Nonetheless there are still several upside kickers that could happen:

1) Increase in resouces size, this seems highly probable given the very conservative way the RE was estimated in the 43-101.

2) Increased price for the product. I would base this on the price of synthetic and the fact that Dr. Chahar, a synthetic graphite expert, joined the company.

3) Demand for the resource. Ultimately any buyout price is what someone will pay, given the current demand and the potential to have more than one buyer, this could drive the price up.

4) Lastly the low potential cost for purification. This is major issue for both synthetic and flake producers and if ZEN can produce its product much easier and cheaper this will also drive up the price of the company. At the momment based on the results we have seen so far, this also looks highly likely.

My quesss is we see a buyout north of $20.