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Pooslice

2,484 Posts.

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11/08/21

13:37

Post #: 55203245
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Originally posted by Limitlesstrader: ↑

Dr, the company raised $8 mil in November to fund Peru drilling.
Then 180 markets got $2.8million in March with 6% fee and options as a free kicker that we were asked to vote yes on. For drilling in Peru and NT.
Now we are issuing more shares to "sophisticated investors" worth $1.4mil still for exploration in Peru and NT
Plus the funds from the conversion of options.

So the company has around $16mil in the bank and is still issuing shares at a discount.

With so much cash and sophisticated investors throwing money at us i would expect that we would be drilling faster than 1 hole per month.

Why the need for so much cash when the drilling program is very minimal and with 1 drill that drills 20m a day im pretty sure us Alpaca army can use some shovels and get it done faster.
Im happy to self fund my trip and dig

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well as I've pointed out previously (which I got lambasted for I might add) - targets in the east tenant have been upgraded to "mega target/s" which is likely to involve more drilling and exploration than originally budgeted for.

dilution aside, which I dislike, I am glad to see extra capital raised.

but I agree with the pacing issue.

all IMO. dyor etc etc.

Last edited by Pooslice: 11/08/21

ICG Price at posting: 10.3¢ Sentiment: Buy Disclosure: Held
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