This is not looking good for shareholders I am afraid.
CAS raised £4m from UK investors back in April via the AIM listing/float at 3p a share, that has gone.
In a matter of months those UK investors had lost nearly 60% of their investment, since then funding conditions on AIM have deteriorated significantly, basically there is no appetite to fund juniors at this time, let alone a company with significant G&A cash burn and woeful historic losses.
The company was then censured by the ASX, they pointed out they would be out of cash by end September, the company responded by saying they had a good history in raising cash in the past. The results were heavily qualified by the auditors also.
The first red flag was during the Q&A session at the Shares event in London a few months ago which can be seen on Hotcopper. The CEO refused to answer questions concerning the cash position which is never a good sign.
I have seen statements like the one CAS made on AIM leading to administration in the majority of cases. Time will tell.
