So they should have about $200,000 remaining in the bank at the...

So they should have about $200,000 remaining in the bank at the moment, or thereabouts, which means they can't do any drilling, or much of anything else really, except for some GIS database work at the office. It's a problem.

(From the Quarterly)
"The Company is currently considering a number of alternatives to raise capital in order to continue to fund its ongoing exploration activities for 2020. The Company has its placement capacity available under LR7.1/LR7.1A and is also considering other funding initiatives."

" ...... Should the funding initiatives not raise sufficient capital to fully execute the Company’s exploration strategy, the Company maintains the ability to reduce exploration expenditure and operating overheads further ..... "
(End)

468 million shares fully diluted, market cap of $15 million currently, and they have been slow to raise, compared to other small cap gold stocks. The ones that survive COVID-19 will be those with money in the bank, not those cutting back everything to exist on the smell of an oily rag. It's problematic to let funds get so low.

So who will do the raising, and what kind of a discount will they demand? It could be announced any day now.

I'd say that Patersons or Canaccord or a similar fund will recommend a raising at 4 cents, but preferably want one at 3.5 cents for their clients. And how many shares can they move at that price? They'd want to shift 100 million at 4 cents if possible, and if it keeps up like this over the next 2 years of exploration, they will end up being yet another small cap stock with 2 billion shares on issue discussing when to do a consolidation. It would be a shame.

My expectation is that the brokers are ringing around now trying to get a feel for how many shares they can move and at what price, and then getting back to the company with some advice.

Watch this space.

Gw