MKR manuka resources ltd.

Ann: Fast Track Application for the Taranaki VTM Project Lodged, page-4

  1. 2,389 Posts.
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    Its part of the funds raising process, got to pump the newsflow out anyway they can to goose the share price for the equity raise.
    Burning cash and only $2m in the bank at Dec 31. They probably want some more announcements conjured up so the raise can be done before the Mar Q comes out and highlights the severely depleted cash balance.
    With an AUD silver price of >$50/oz the fact that no steps have been taken to take advantage of these relatively elevated prices and restart Wonawinta, which "stands ready for a rapid restart to production subject to the undertaking of limited restart maintenance", shows how strapped the Company is.

    An unbelievable situation of $6.8m in in current trade creditors vs no cash or cashflow to pay them. The Company has to be technically insolvent.
    Probably also impossible to recruit staff and local service providers, which already seemingly owed millions, have probably told the Company to fack off.

    Either a big equity / convert is coming shortly OR administration

 
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