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07:54
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Originally posted by FastSell
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I was thinking about why the company has been silent regarding a capital raising given their cash position, as in the past they've been quick to tap 'sophisticated investors ' when they're running on fumes. This lead me to review Hanking's 2018 Interim Report, released September 19, 2018 which contains the following paragraph on page 14 regarding the use of proceeds from a sale (emphasis is mine);Approximately 50% of the proceeds from the disposal will be used for the development (including exploration,environment protection and pre-feasibility study) of the gold mine project of PGO (a gold mining companyin Australia recently acquired by the Company) and the rest 50% will be used for the proposed acquisitionsbetween the Company and identified potential sellers, which are still under negotiation. The Company willmake further announcement pursuant to the Listing Rules in due course. If the proposed acquisition couldnot be materialized, such proceeds will be used to supplement the general working capital of the Company(such as expenses for underground mining and purchase of raw materials).
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Good find FastSell! Makes me wonder as well. I actually emailed Corazon last year asking about what discussions are being had with Hanking and haven't had a reply yet. Something must be going on behind the scenes. They wouldn't be writing off the money they invested already. we will find out either way soon I suspect.
(20min delay)