Can someone please help me with this stock, here is what has been achieved so far:
Raised $4m-$5m ?? for IPO. Issued app 40m shares in order to explore/aquire the Iron Sands project.
Now today the company has $3.3m in the bank has has not managed to spend 1cent on actual exploration on this project. Now these shares will hit the market in July (current 3c price seems expensive to me).
Spent zero on exploration this quarter, but in order to justify their salaries management inspected the P&Ls and decided to reclassify 20k of prior exploration expenditure into administration (audit time is approaching so best not to claim the 20k lunches eh?)
So Mangement has paid themselves 561k till April in order to oversee 116k worth of exploration.
but fear not Shareholders, a director has recently purchased 2k worth of stock so things must be looking up right? (still they had 591k to play with)
Been to the company Web page? cant even be bothered to update it with the ASX announcements (last update Nov 11). The 591k administration is not spent on updating the web page is it?
Management / Board - please explain....
MYN Price at posting:
3.0¢ Sentiment: Sell Disclosure: Held
