The cash in hand of $38,000 is correct, but as you say there are the shares in EUR that CLE holds.
Remember how CLE got those EUR shares, when CLE was due instead to pay back $2.25 million that it had borrowed from EUR
On 2 June 2023 CLE announced to ASX:
Cyclone Metals Limited (ASX: CLE) (Cyclone or the Company) previously entered into loan agreements withEuropean Lithium Limited (ASX: EUR) and was advanced funds totaling $2,250,000 (EUR Loans). The Companyadvises that the parties have agreed that the principal amount of $2,250,000 plus accrued interest will beconverted into equity based on a share conversion price of AUD $0.002. All other terms and conditions of theEUR Loans remain unchanged.
Yes, CLE could sell the EUR shares. But if you look at the buy/sell ratio of EUR they are not going to get much for them.
Where did CLE's $2,250,000 of cash go, leaving today a share price of $0,001 and cash in hand of $38,000.
"The parties have agreed . . . " What a joke.
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