As of 01/07/2012 Redstones net cash position was negative to the tune of $ 217,000.00 As of 01/10/2012 Redstone had a very small amount of cash but did not disclose liabilities. With a cash burn of $ 130-150,000.00/mth.it was urgent to raise money through Argonaut. Raising $ 2 mill.less fee to Argonaut will keep Redstone afloat till apprx.01/07/2013 with very little drilling done due to seasonal factors leaving only money to pay f.overhead and salaries. Do the calculation yourself: 12 x $ 140,000.00 = 1.68 mill. neg.cash position 0.217 -- Argonaut fee ? 0.100 -- others 0.003 -- GT 2.000 -- leaving not much f.exploration ! This company is fighting,as many others,for survival. With no professional on board it looks like a loosing battle.
RDS Price at posting:
12.0¢ Sentiment: Sell Disclosure: Held
