At the end of Jan AVQ had $1.3M in the bank and were estimating they would spent $1.2M by the end of March. Given there seems to be no attempt by RM to rein in the spending AVQ are probably down to a few hundred grand in the bank. I assume they are able to take the $1.5M placement they just did but nothing under the Rights Issue. Therefore, they might have $1.6-1.7M in the bank right now, which is enough for maybe 3 months. Certainly not enough to do any work on the project. RM should come out and say right now that he is not taking any salary and he is taking up his full rights under the Rights Issue (that is assuming it will even go ahead). If he does not do that then its clear he is taking the shareholders for a big ride. Without Isabel, San Jorge looking sick, ASIC crawling all over them and little money it is hard to see how AVQ are going to get back from here. The SIG will be looking at this mess and that will put in serious doubt any chance AVQ has of getting Isabel back. All the info and timelines about being in production by now was a complete cynical exercise and shows just how little RM actually knows about mining projects, all while taking over $1M a year out of the company.
AVQ Price at posting:
10.5¢ Sentiment: Hold Disclosure: Not Held
