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They still had $6.27m at the end of the QTR and then got another $2m.
Because that was the terms of the financing and some of that debt was short term debt from suppliers
I say : .... Don't let the negative ******s eat your cake
So after today’s panic sellers are out we know the following :
1)copper going to surpass ath soon
2) the company needs some more cash for investment to generate massive cashflow for the future- debt will not be on punitive terms like before
3) we have a potential jv on our hands for a currently non income producing asset
4)circa 6 mil in the bank
but want I beleve more is toby Bradbury sansta gold took him long time now look were it is. even litecoin last year it was 20 pound now look were it is. my elecity mining was about 4k.. now look am up.. take time money is sometime needed. Cornish dj few more know true value here
I have to point this out funny when I said they gonna need to do another placement.. all I kept hearing I was wrong well just show us none of us can really know what company does unless insider tell us.. but great rns in general.
Antharry
Exactly.. we need to know where this money will come from.
Steve, this is not always the case and the NOMAD would have insisted the potential need for financing was mentioned if the company was exploring these options.
STX did the same in Dec - were also looking at a debt option and then a few months later concluded that a discounted placing was the best option. By then the share price had more than halved.
As someone mentioned earlier, it seems very unlikely you would announce a placing ahead of time, so finance seems a lot more likely. Their existing debt is very low compared to assets and revenue, so shouldn't be too difficult (depending on the amount)
There's alot of good with this share but the amount of dilution and cash raises that is certainly a concern. It has to be a loan surely as its not long ago they done a placing.
Very dissapointing update today, bearing in mind the two raises that they have done and Copper @$10k+
They have no more headroom to raise money. This is going to be very uncomfortable going forward, hence the share consolidation, which will mean again £10m+ of share dilution
Putting that in to perspective, the placing will need to be done, or an asset back loan, which will dilute further, so look for 0-.30 or around there before you look to buy.
Again there is still no certainty they can deliver either