theinsidetrader, page-6

Harls,

I have questions and comments. Firstly the questions.

I assume the rest of Burnakura is still being negotiated with various parties. We have had all sorts of figures guessed at for the whole sale. Everything from 5 mill to 10 mill for EXT when the dust settles.

Do you have an idea of what the whole Burnakura sale is roughly worth?
Do you have an idea of what time scale remains for the last of the sale to go through.
Are TTR and EXT 50/50 partners in all that?


OK now the comments.

If they are 50/50 then today's sale gives them a non-refundable $25,000 each for now and post the IPO they are looking at $75,000 each plus $500,000 each in Silver Lake shares.

I'd be guessing that both TTR and EXT would be looking to convert those shares to cash in a reasonable time so if assume they retain their value then EXT walks away with 500 + 75 + 25 = $600,000

Not bad but not really as exciting as the millions the rest of the sale is supposed to gather.

Cash is going to be needed soonish. They had 10.913 million left in the kitty in the last quarterly report. They had spent about 3.742 mill in that quarter so if we assume the same burn rate for this quarter then they should have about 3 quarters worth of cash remaining. So by end of March.

That would mean a cap raising would be required before then unless they finish the sale of the rest of Burnakura which will buy them another 2 or 3 quarters depending on the sale price.