According to the CTO March quarterly released to the ASX on 29th. April CTO only had $257,000 "Cash at End of Quarter."
But "Estimated cash outflows" for the June quarter was $4.2 million.
In the March quarter there was a decrease in cash of $1.597 million after issuing $925,000 worth of shares.
CTO's total operating expenses have consistently been cash flow negative with share issues giving CTO its much needed cash to balance the books.
There has been no ASX announcement in April or May about any cash raising. CTO's only announcement to the ASX this quarter was the "Quarterly Activities and Cashflow Report" on 29th. April.
The CTO share price has fallen to a new multi year low.
If there was a substantial jump in CTO's gold production then I feel confident in suggesting that CTO would not be making new lows.
So in view of CTO just having $257,000 cash at 31st. March how has CTO made ends meet in the one month and nine days this quarter?
PS: Please feel free to correct me if I have inadvertently got any facts wrong in this post.
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