Hey bright eyes, IBR has $9m cash in the bank.Come friday have a...

Hey bright eyes, IBR has $9m cash in the bank.

Come friday have a look at what TMR has going for it:-

1) TMR will NOT have 90% control of IBR

2) TMR will have approx. 950m shares on issue, (yes you read this right - almost 1 billion shares on issue)

3) almost no cash on hand [ only had 1m$ left at end of last quarter - 2 mths ago ],

4) bugger all cash flow [negative cash flow of 7m$ last quarter]

5) falling world copper prices, rising world copper inventory levels

6) TMR is unable to take IBR's $9m cash on hand

7) TMR have committed $3.5m to purchase Charters Towers gold plant, (without the money to pay for it)

8) unable to direct IBR funds to TMR without miniority shareholder approval.

This does not look good for TMR shareholders - what will they do - a capital raising - perhaps but that would push the shares on issue above 1 billion - ouch ouch ouch - I wouldn't want to be a part of that.

Is TMR on it's way back to 10 cents?, well I think the chances of it going lower from here far out weigh the chances of it going higher. Thankfully I do not hold TMR.