hi dpk,just wondering about your opinion of RMI raising capital?...

hi dpk,

just wondering about your opinion of RMI raising capital? i was initially thinking about that possibility myself 2 weeks back during the huge volume and pump. but that surge in interest and sp was sustained with no real news, could be market finally starting to re rate??



according to the latest qtrly, RMI has $2.173 million cash on hand and estimates to spend $550,000 in this qtr (july-sept). this compared with the spending of last qtr of $391,000.

the increase estimates for this qtr should be attributed to the infill drilling to be undertaken from this qtr. the coy has purchased 2 rigs and is planning to drill with their own crew, and according to ann, should both speed up the drilling and lower drilling expenditure.

looking at the financial side of things, RMI did a rights issue in 1st/2nd qtr and raised 1.7 million dollars, of which Sinom took up $480,000 worth of shares.

it does bode well for shareholders' confidence that just 3 months back, Sinom grp increased stakes in RMI from ~13% to 19% doesnt it.