Oh dear. It all reads so well when you read it fast, yet nothing seems really to be happening. Net cash used for the quarter approx. $2m. Staff, admin and corporate costs were $2.336 Million which is more than the operating costs of $1.899 million, so >50% of costs. Whew. Only $2.384 million in receipts. $4.4 million cash in hand. So another two quarters before another fat dilution at this rate, unless there is significant change, and fast.
I haven’t forgotten that retail investors did not get the courtesy of being allowed to participate in the CR. Turns out that not participating was in any case fortunate at the current 31c SP vs 38c raise. And fortunate for another reason which is a good thing as far as my CNQ holdings are concerned (which are underwater by 50% with no relief in site). During my DD on the CR, and after a bit of research into Robert Friedland, CNQ’s largest shareholder, a compelling case to buy into his company, Ivanhoe Electric emerged. I used the funds I would have used for the CR and bought into IE at around 8US$ and subsequently accumulated beautifully all the way up to $16 where I sold the gains…. All in the space of the last 5 months. Ivanhoe Electric SP still sitting at around $12 with no signs of abating yet and becauseits all free-carry its nice FU money to play with.
I reckon Robert would be spewing at CNQ’s performance and hopefully in the background he’s getting these guys to get a wiggle on.
DYOR and GLTASH
(20min delay)