No underlying business left, and the cash burn for the quarter was 800k.
On the basis there is a claim against the company , and they have to clean up the site and pay out remaining staff , the remaining cash does not seem seem adequate to then go and buy another business .
It appears they will run out of cash by Christmas at the current burn rate .
A change of activity would need them to raise have at least $2m cash after the acquisition of that business from my little understanding of this ASX rule.
How they raise that sort of money in the current environment for an explorer in Peru , takes me back to the LRS losses I have suffered
LRS have some of the best land in Peru , yet have gone from 40 cents to half a cent , why would the MHM board be looking to become a last mite explorer in Peru when there is very little quality land left
I say make a scrip bid for LRS of 1 for 1 and steal their assets whilst the MHM price is 4 times the LRS price
MHM Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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