Grizzly"the burn was 6M per 3Mths"Firstly: From the last...

Grizzly

"the burn was 6M per 3Mths"

Firstly: From the last Financially report:
"Cash outflow from operating activities during the quarter was $8,421,349 compared with $3,683,562 for the prior corresponding quarter. The increase was primarily due to the settlement of the Savanna litigation which involved a cash payment of $4,380,000 (including $1,380,000 in VAT, expected to be refunded in the current quarter)."

So, excluding the "abnormal" Savanna payment, normal exploration & operational expenses was only $4,421,349, not $6m.

Secondly: They also state that total VAT/GST receivables due this quarter is $2.1 million (includes the Savanna VAT). So adding that to the $4.6 mill, gives us total cash as of $6.7 million.

Thirdly: Yes they are doing heaps of exploration, but cash burn should be no more that the last quarter (4.4mil), which included drilling at Anomaly A, Oshiveli, Onkelo, Ondjambo, ongoing feasibility studies, and the outfitting of offices in Swakopmund.

So IMO, with $6.7 million, they have plenty of cash to take them through to July 16.

As for what method of cap/raising they will be undertaking, they state in that report that they are "evaluating alternatives" ... so we will see what they come up with. The jury is out as to what it will be, I certainly dont hold much store by what some busy secretary says in a rushed phone call.

cheers for now

;)