Sydneysider,I think u missed a key issue.The $1M raised from the...

Sydneysider,

I think u missed a key issue.

The $1M raised from the poor saps (inc Directors)was used to pay a lease cost of $1M. The small cash improvement of $0.32 from operations added slightly enough to cover a few odds and sods.

If you check the annual reports they have a consistent about $1M/qtr lease costs, so next quarter the current cash buffer gets sucked into that cost and they exit the current quarter 30 June with almost no cash.

So all Jinqua has to do now they have had a food look at CTO and importantly, run the ruler over the management and conclude, come in spinner. Then they sit and discuss and wait for CTO to hit the skids, and then step up and buy everyone out for $0.01/sp.

I do not like the gloomy picture I am painting for myself. The only way to get past this is if the revenue increases by say $1.5M from $7.2M to $8.7M and this can only happen if the Gold price in AUD goes up 20% or production goes up 25%, or a bit of both. Whats your judgement on any of these.

They could go for another raising, but by now they MUST know it is a dead certain non-starter. Read the Latest March report carefully again now, and you can see what I am saying gentley woven into the words so as not to frighten the horses.

Always happy for someone to correct me.

Not happy Jan.