Bottom of page 9, correct me if i'm wrong but under the heading 'Going concern' is this stating that they now owe Watpac almost $9 mill? It also goes on to state that the company is looking at options of raising funds via placement or equity transaction OR selling non-core exploration assets to generate cash....
They have no hope in hell of raising funds through existing shareholders as far as i can see. Last raising was at 18c from memory and they only achieved $700,000 so how on earth do they think $9 mill or even $5 mill is a possibility with the share price now at almost 5c?
Maybe they should sell Alpha to St George for $3.50, a pack of cigerettes and a case of hahn super dry?
The other issue I was not aware about, the entire bored is well over 50 years old. If they are working as hard as is being suggested, they will get burnt out soon enough.
EDIT: Ok i've continued to read and it sounds like the amount owing to Watpac is $7.9mill and that the assets of A1 including the leases are colateral if the poo hits the fan.
Watpac must be just really sharing and caring people to allow this to go on. Turning this around is going to be like strapping 4 Titanic's together and then trying to miss the iceberg. Theres more chance of me hitting a hole in one on a par 5 using a cricket bat to tee off.
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