Less then 1.5 qtrs.
They recently started drilling again at quelon & will be drilling back at Lana Corina/Vista Montana. Cash Burn will be higher. They'd do well to stretch out Q2 without a raise.
Don't see the point of them doing a discounted placement. that is plain stupidity. Unless it's a placement at a premium, but it'd need to be at a 100% premium at a minimum.
Otherwise, they just need to recapitalize. They need a solid $6-$8 mil to properly fund their work program. A 2nd round redemption to deliver some results and to re-rate to valuations that doesn't resemble a shell but instead what they should be worth which is at least $60-80mil.
What they have at Lana Corina is arguably a resemble of Marimacas' Copper Project.
It is very frustrating, but i think if the directors cornerstone the recapitalization it'll send a statement out to the market.
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Less then 1.5 qtrs. They recently started drilling again at...
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