Isn't the quarterly cash flow a good read Has $1K left in the...

Isn't the quarterly cash flow a good read

Has $1K left in the bank, but don't worry they estimate their admin spend for next quarter will only be $1K, so no need to panic

They aren't misleading the market are they ? Check the cashflow report before that. They had $6k left in the bank, but estimated outflows would only be $5k for next quarter. The spend was actually $46k, around 9 times what they estimated !

And check the cashflow before that one. Had $11k left in the bank, but they estimated quarterly outflow would only be $10k. It was actually over $90k, so again 9 times their estimate

After each, a capital raising ensued to cover the more than anticipated costs

Also, has anyone ever question management on this ?

http://www.asx.com.au/asxpdf/20130820/pdf/42hschj7nt8r1k.pdf

Minimum Risk Pty Ltd (related to Martino) agreed to underwrite the issue of 30,000,000 options at a price of 5c each, with 20c exercise price - total placement $1.5M

It states the option placement must occur 1 month after the meeting (which was held 20 September 2013)

All those resolutions were passed here:-

http://www.coralseapetroleum.com.au...ults-of-General-Meeting-20-September-2013.pdf

They even mention this in the 2013 Annual Report:-



Proactive covered it as well:-

http://www.*.com.au/companies/news/46948/coral-sea-petroleum-to-raise-15m-46948.html

I can't seem to find where the deal was canceled or the funds received ? Another strange one