Ann: SPP Offer Letter, page-33

Cash on hand at end of March Quarter was approx $1,000,000 with expected spend through June Quarter of $400,000.
They have now tightened the belt significantly, and next quarterly spend may come down under $300,000.
Assuming they can raise the $1,500,000 in this issue, and recoup some legal fees against Glencore, then I believe there will be enough to at least keep the lights on for some time. (Its not going to be sufficient for development works/exploration etc, but should give time for a deal to be made or the project to be sold off etc).

Another point to note is they are carrying over $70m of accumulated losses. With a current Market cap of only $12m that in itself could be attractive to someone that may take the company in a different direction!

Yeatesy.