RIM needs to openly and transparently inform the ASX and shareholders of how they will pay their debts as and when they are payable.
In RIM's March quarterly report the ASX queried RIM how they could find the cash to fund the business as they only had enough cash to support 1.55 quarters (or around 17 weeks).
RIM responded advising that Golden Plains Resources would be receiving a payment of $718K by the 15th of May.
RIM has recently announced that GPR has renegged on this deal. RIM have been silent that GPR were to pay penalty interest on these monies and what they will now be doing to recover these funds?
We are now 11 weeks into the 17 weeks of cash burn available.
How will RIM continue to trade? Will the ASX step in and suspend trading?
The fundamental of business is that you need sufficient capital. The Board need to have the strength of character to rapidly let us know what they will do?
