Our plan to kick the can down the road is on page 12. With the potential start date pushed out till late 2020 I guess they are not expecting real financing anytime soon. I hope I am wrong.
The directors have prepared a cash flow forecast for the period ending 28 February 2021, which indicates theGroup will have sufficient cash flow to fund its operations during the twelve month period from the date of signingthis report, which has been based on the following assumptions:
(a) Cash receipts of at least $7 million in relation to the issuance of securities by April 2020; (b) Continued deferral of planned but not committed expenditure on the development of Project Sea Dragonuntil such time as it achieves financial close on planned fund-raising activities; (c) Managing and deferring Group costs and creditor payments where applicable to coincide with thefund-raising activity outlined above to ensure all obligations can be met.
The fund-raising initiative is advanced at the date of this report in order to raise the required additional funding.The Directors are confident this fund-raising initiative will be successful and the financial report has thereforebeen prepared on the going concern basis.
SFG Price at posting:
5.5¢ Sentiment: Hold Disclosure: Held
