Don't worry I read it - I got out last week at a loss. Stock has given too many headaches, time will tell if selling was the best option with the price of gold set to rise. My money is better allocated elsewhere. Unfortunately for Cleveland they are too far down the rabbit hole (debt) and their resource is not good enough. Money has been blown on too many failed projects and targets have not been met.
They struggled at the last capital raising and my thoughts are this next one might be the final bullet - better to take a loss than get nothing. You cannot keep raising money with 12-15% coupons and dilute equity. Their balance sheet is a nightmare to any accountant and 1.5 million in cash is not going to be enough to survive. This is of course all my opinion but maybe it will save some others, or maybe I will look like a fool for selling. Also convenient their new shareholder contact email address bounces back with address unknown. DYOR !
"The Company being able to raise further funds before March 2015, through the
issuance of equity and/or debt instruments to meet the repayment of its borrowings,
including the US$6.8 million convertible note facility which is due for repayment in
September 2015. "
