While the share price made a small jump recently, the chance of a cap raise is higher IMO (may be again at 2.6c?). They need funding which may come from a GSA, cap raise or debt. All have different implications for the share price. I think we will hear the news before the next quarterly.
The last cash balance was around $3.7 million (end of June) and they still need to pay for the pipeline which is 25% of the total cost (around $9 million in total or $2.25 million MEL's share). I don't think they paid any money for the pipeline?
On a yearly chart, MEL closed the gap with VEN, both up by 16% in the past 12 months.
MEL Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
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