Chand, MSC has rolled over some of their debentures until next year, around $2.5m(figures could be a little out), so will only need about $3m out of the $7m raised leaving them with around $4m. They have stated in recent announcements that Cominco and CCG will be sold which will raise up to $10m within the next 6-12 months. With an average cash burn of $1m per month, assuming they sell Cominco within the next 6, they should have enough cash to last them a year. I wouldn't be getting too carried away though until the sales contracts are signed in concrete. If Vic & Co do manage to sign the 5,000t per month contract, MSC could rocket and actually make shareholders money rather than line directors pockets. But be cautious until the contracts are signed, these guys have misled the market in the past!!
MSC Price at posting:
0.0¢ Sentiment: None Disclosure: Held
