I'm not sure how anybody on this board would know that "a pretty decent price has been picked up for this one" or any of the ongoing financial arrangements of such a sale. Given the less than overwhelming results from the Tom's Gully mine I'd be surprised if anybody was prepared to pay much at all, let alone enough to "secure the financial future". But that is speculation.
What isn't speculation is the half yearly report which everyone is ignoring, and I'm afraid it presents a depressing situation. Cash at the beginning of the period 2.3m, total sales a massive 1.8m, incoming cash receipts of 16.6m from capital raisings and loans, and what's the result at the end of the period? Cash at hand $845,000.
You work out the cash burn figures for yourself; as soon as "sophisticated investors" get sick of handing over more money it's all over for RSN. Having assets in the ground is not good enough.
RSN Price at posting:
0.0¢ Sentiment: Sell Disclosure: Held
