$32.5 million placement was announced 16th May, administrators notes say A40 may have been insolvent as early as start of June?
Begs the question, why not
1. on top of the 32.5m placement monies, offer a SPP and raise a total of $50+ million.
2. Payout the tribeca $40m debt and wave them goodbye with $10m in surplus plus our existing $6.65m at the time + spod stockpile value.
3. Put the Bald hill project in C&M with close to $17m in cash and no debt plus stockpile value. liquidate stockpile as needed or in lump sum to add to our cash position, see out the storm and live to fight another day.
it does not take a mining exec on 600k per year to see that this does not add up..... should not have ended like this.
Where there is smoke....
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Held
