1.1m shares dumped yesterday. certainly, that was nothing more...

1.1m shares dumped yesterday. certainly, that was nothing more than a paltry $10,000, but in pre consolidation terms, that was 10m shares. having said that, for the sellers, it was still only 1.1m shares, as they probably got them for 1c in the recent issue. still another 600,000 on offer at .9c. mmm still only a paltry $6000 worth.

1c is obviously the new trading range (maybe a bit higher sometimes, and maybe a bit lower sometimes).

no one seems to have questioned watso's claim, that the company could be virtually out of funds at this point in time.

looking at the shares issued in january, then about $360,000 has been raised. a look at the report which announced the placement reveals the following

6. Use of funds
The Company intends to apply the funds raised from the Offer and the placements principally towards exploration programmes at the Company's Western Australian gold and mineral projects, evaluation of new projects, corporate and administration expenses, retirement of shortterm
debt and general working capital..

no doubt the retirement of the short term debt will be a priority. this debt is in the order of $400,000, and the $360,000 raised in january, would not cover that.

subject to shareholder approval, another $260,000 will be raised. to date, watso has not noticed any relevant notice to shareholders for the meeting. time is money, and even a moribound company still incurs expenses associated with "life support".

to give an idea of the task ahead for the company. in teh quarterly, is the following comment

"The Company's objective is to identify another "Buffalo" or two out of the Rokeby's/Centenary/Golden Rod areas (which would improve the prospect of a stand-alone operation) with 100m-spaced infill drilling. This requires an additional 20 lines of RC drilling @ ~300m per section to determine inferred resource potential along the combined 8.0km mineralised trend. "

watso takes this to mean that the company would like to do 20 lines of drilling, with 300m of drilling on each line - ie a total of 6000m - ie at least $500,000 worth of drilling. - then throw in exta costs - eg sampling, on site geologist, accomdation etc etc - and the company has to look at raising more that a couple of hundred thousand dollars
I