Crimson inc. is planning to expand its operations in the fish-farming industry. The company needs to raise $30 million in new equity to buy fixed assets that will be depreciated straight line over the life of the project. Crimson will not use any debt to fund the project. In order to raise new equity Crimson uses Rimp Bank as lead underwriter. Rimp charges a 7% fee on new equity issuance. The project life is 10 years and it will produce yearly EBITDA (Earnings Before Interests Taxes Depreciation and Amortization) of $6 million, the required return on equity for this project is 12% and the tax rate is 27%. The depreciation tax shield is as risky as the project's assets.

What is the value of the project?