I have spoken to Alex on several occasions and he is always happy to talk. A big tick.
Their last acquisition seems to be going well except for some problems with Cazares. A big tick
Current monthly revenue has; according to the rights issue prospectus, bumped up to $330k. A big tick (but why not regular trumpeting of any new increases in this respect)
Dumping the idea of issueing more convertible notes. A big tick.
Rewarding existing shareholders with the opportunity of picking up some cheap shares. A big tick, or it would be if these guys thought for a moment and realised they have burnt almost all of their credibility, and then thought for a bit longer and presented a simple matrix for the development of the new project and gave weekly or possibly fortnightly reports of progress. Of course it all a bit late for this rights issue as it should have been in place for the last 9 months as revenues have begun to move ahead.
I know it sounds a bit primary school but that exactly where these guys have put themselves. The way it works guys is you show us your good work and we (collectively) give you a gold star. Simple
But alas here we are having to decide wether to give these guys more money when in reality lately there has been little light shed on how things are moving forward
Do we hold em, fold em or run
AVD Price at posting:
2.5¢ Sentiment: None Disclosure: Held
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