Point 8 suggests no capital raising but point 10 could be their get out of jail card:
8 Financial Position The net assets of the consolidated entity at 30 June 2012 were $67,631,291 (30 June 2011: $59,020,532) of which $1,080,832 (30 June 2011: $4,444,984) represents cash and cash equivalents. The Directors believe that the consolidated entity is in a stable financial position with sufficient cash to fund its current operations and commitments expected to occur in the next financial year.
10 Events subsequent to reporting date In July 2012, the Company reached agreement with Black Swan Energy Limited to expand the joint land holding under their existing joint venture arrangements. The Company signed an agreement of purchase and sale for a swap transaction. This agreement involves an expansion of the area of mutual interest (“AMI”) to include Transerv’s interest in a further 6.25 sections amd add 7.75 sections by Black Swan. On 25th July 2012, the Company purchased three parcels of land in the Grand Forks area, Alberta through a Crown Land Sale. The Company has a 47.5% interest in this land at a cost of C$26,288. On 13th August 2012, the Company purchased five parcels of land in the Estevan area, Saskatchewan through a Crown Land Sale. The Company has a 38% interest in this land at a cost of C$21,779. The formal Agreement(s) of Purchase and Sale were executed by the parties on 30 August 2012. Transerv received cash of A$630,738 after costs for its share of the swap transaction. Other than the above, no material matters or circumstances have arisen since the end of the financial year which have significantly affected or may significantly affect the operations, results or state of affairs of the consolidated entity.
TSV Price at posting:
1.0¢ Sentiment: LT Buy Disclosure: Held
