This one needs a capital raising ASAP they re down on $. They are spending $318,000 a Q according to last Q report and only had $412,000 cash so at the end of this Q they will have $94,000 dollars Left at the end of this Q - this company is heading towards bankruptcy.
Remember they have debt commitments to several groups after the SRM asset royalty deal around 700,000 due later this year I think. please correct me if the number is incorrect.
So they have big out goings mainly admin so this is wages and lots of tenements which have large spending commitments including rents and rates plus hugh debt commitments.
Here comes a .001c or .002c capital raising if they can get it away in this market
The gold assets are of low value a Geologist mate told me now that Great Western project has been take out the rest of the ounces are sub economic and the capital cost to get them out are too high. to much capital required upfront for a very risky and small return and they have no technical people to pull it off?
They are not producing and market news so its a real dead duck
BGH Price at posting:
2.5¢ Sentiment: Sell Disclosure: Held
