As you ask I have a substantial holding of ASX-WCN a small explorer and I do like their potential; however, as for being cashed up they currently have sufficient funds to complete their current drilling campaign in the Kyrgyz Republic but not much else. Of course there are risks as there are in many places these days. Ask Adani about sovereign risk in Queensland and how much money they have burned through fighting a few tree huggers that don’t like electricity and hot water.
There are also 1.0 Billion shares on issue currently and some December options that also need to be taken into consideration.
The company has the 2016 program drilling samples currently being assayed and we could have news as early as next week. They also have JV partner currently looking for Lithium in WA as an added bonus.
The linked article will give you a little more information; however, I suggest as always you should do full and due diligence before risking your hard earned over taxed fiscal powder.
Last year I bought into a company SBB purely because of their cash on hand but so far it has not performed so it’s not always a guarantee of success. Thankfully I managed a ripper of a ride with my punt in RSG from $0.27 to $1.49 so I can’t complain. Having a decent profit in hand does allow one to take a few more risks in the penny dreadfuls as some people call them.
There is always risk and this kind of punt is certainly not for the faint hearted; however, I can’t recall making any real money in my life without taking similar risks.
“WCN has 1.08 billion shares on issue and is currently trading at $0.008 for a market capitalisation of $8.6 million. It has just completed a capital raising of $2.3 million, by way of Share Purchase Plan and Placement. This resulted in the issue of 387 million shares at a price of $0.006.”
“This has resulted in the formation of several mineralised belts that make the Kyrgyz Republic one of the most resource rich countries in the world.”
