what do you make of this balance sheet for ady

What do you make of this balance sheet for ady


Please find below a brief sum up of the company’s position.

CURRENT DEBTS

Hawkswood: $3m by 31 October 2008; $8.8m by 31 December 2008

Private investors: $1.94m plus 12% interest by 31 December 2008

Ya Global Investments: US$12m, US$1m per month plus 8% interest. First payment was due 31 October but it has been postponed.

Vallenar Iron requires about US$3m to pay off the pending invoices with Besalco and continue the mining operations and will require some additional funds to pay for the shipping costs of the two shipments.

US$1m to cover current invoices.


PROJECTED INCOME


The Company has tried to organize debt finance for some time but it has not been able to do so. ADY will be able to raise some capital via the issue of shares once the resolutions for the AGM are approved. We currently can’t issue any more shares as we have surpassed the 15% threshold.


Vallenar Iron also did two shipments at the end of October and proceeds from the sale for about US$6m are expected before 05/12. We are also expecting US$0.4m for the final 5% of the last two shipments that we did in August.