And the $1.6mil they have just raised after only having $150k at 31March - what has probably happened to these funds? Half yearly accounts released on 15March shows that they owe the ATO $550k for withholding tax(Note 14) which they've probably paid this quarter and the Redeemable Notes show that $1.05mil was due & payable on 15May24(Note 15) - so there goes your $1.6mil out the door. So they probably have much less than 150k on hand at 30Jun.
The question then becomes the worth of the gold mine??-smoke and mirrors.
I've finished my DD here. Up nearly 5% today - impressive. Pass the parcel.
Ann: Sturec Gold Project - Strategic Process Update, page-219
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