Had a quick look at the top 20 shareholders list to see if anyone is a likely seller and I must say that Indo Mines stands out.
Their cash burn for the last quarter, ending 21/12/2008, was $764k (down 600k from previous quarter), which left them with $416k in the kitty. Now, whereas they have secured $5m in funding, this is subject to the following, of which both events have not occurred to-date:
• the facility will be subject to due diligence being conducted by Anglo Pacific Group PLC; and
• the facility will be subject to shareholder approval where appropriate.
AEV Price at posting:
34.6¢ Sentiment: Buy Disclosure: Held
