This is the Next DEG without a doubt and there is definitely no need for a credit raise,we have $1m at end of June and raised $3.4m at need of July that didn’t show on the balance sheet ending June 30 2020
We Also have a $2m Strategic Partnership and Purchased a New Drill rig that’s in Transit that will minimise costs and speed up drilling
A maiden JORC Inferred Resource estimate of 20.2Mt containing 459,000 ounces of gold, grading 0.71g/t Au2 was established for the Dosquebradas gold deposit bringing the total JORC Resource for the Quinchia Project to 1.3Moz gold, including a JORC Reserve of 457,000 ounces for the Miraflores deposit.
A $2M Strategic Partnership Agreement was reached with Hongkong Ausino for supply of IP survey and drilling services. This led to the Company purchasing its own Atlas Copco C5C drill rig and supporting materials which are currently in transit to Colombia. The Strategic Partnership is envisaged to be a significant part of the 2020/2021 exploration program and aims to accelerate drilling activity and reduce costs and cash expenditure.
Early in the half-year the Company raised $2.125M via a private placement
In mid-July 2020 the Company raised $3.5M in a private placement. The issue was strongly overbid and the Company elected to expand the drilling program and use up to 3 rigs concurrently across the Quinchia targets.
Note 17. Events after the reporting period
On 13 July 2020, the Company announced it has received firm commitments to raise via share placement approximately $3,5M comprising of Tranche 1 completed 20 July 2020 – 49,500,000 @ $0.04 per share raising $1.98M; and Tranche 2 - 38,000,000 shares @ $0.04 per share raising $1.52M.
Plenty of Cash
Cant see us raising any time soon especially since “SEE ABOVE”
We own our own drill rig that’s on its way but there is another 3 rigs planned for arrival in parallel with the July Raise
JV with Anglo Gold to Aquire 51% but need $2.5m Expenditure and can also move to 100% Anglo maintain smelter Royalties
Feeling A lot more comfortable now
We will see 30c + in the next few weeks
(20min delay)