$35M raise . Proceeds will be used to fund the planned Stage 2 expansion1 of manganese concentrate production from the 100% owned Butcherbird Manganese Project (Project). Importantly, it will also allow the Company to put a dedicated team in place to accelerate the flowsheet and plant design work to produce Lithium-Ion battery grade manganese sulphate, or HPMSM from the concentrate produced from the Project. The September cash flow statement had around $1M in staff costs, around the same as June , up from the $219K in the March cashflow. So can we say $1.6M of the $35M ( less 5% raising costs ) has been used for the purpose stated ? The balance has been funding a losing operation with cash at the end of September at $29M.
E25 Price at posting:
$1.10 Sentiment: None Disclosure: Not Held
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