It seems likely that LRS will run out of funds very soon. Accordingto the last quarterly, they have 437k in cash with an expected outflow of 780k. Due to the conditions of the agreement with Lind, no furtherfunds from that company are likely.
"- After the 90 day Restriction Period, if themarket capitalization is at least equal to the market capitalization on theexecution date, and subject to the company having available capacity and/orshareholder approval, Lind can on one occasion advance the Company up to afurther $1.0 million against the issue to Lind of further convertible notes.
- Up to a further $3.0 million may be advanced to theCompany against the issue to Lind of further convertible notes once 75% of theinitial $2.0 million convertible note is repaid subject to shareholderapproval. "
As there is no progress, no drilling and no permits, I can't see the company has access to any other source of funding.
Ann: Quarterly Activities Report & Appendix 5B, page-19
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20.0¢ |
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Mkt cap ! $560.2M | |||
| Open | High | Low | Value | Volume |
| 20.0¢ | 20.5¢ | 19.8¢ | $3.287M | 16.41M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 715000 | 19.5¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 20.0¢ | 797891 | 6 |
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| LRS (ASX) Chart |