GREY:COLUF - Post by User
Post by
wwadehammeron Dec 06, 2013 11:06pm
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Post# 21981632
Thinking About It
Thinking About ItLooks like a good risk just on the chance that the NI 43-101 will bring in some form of financing. Hard to understand why management didn't get one done before they ran out of money. Guess they were like most other juniors management that wasn't planning on the big drop in precious metals.
Large shareholders might pony up several million more dollars just to protect their investment until another loan can be obtained. Sand had to say something after todays NR. I don't believe they'll write off there $70 million investment even if they hint at it . It's much too soon for that.
As of September 30, Colossus had $19 million of cash and $23 million in accounts payable. Not too bad really. They've probably been running operations for the last three months by stiffing their suppliers and they can probably get away with that for another six months. Guess all they need now is to keep the pumps running and pay for the issuance of the 43-101. If the 43-101 confirms high grades at reasonable depths, SP should jump to 50 cents easy. Hard to time this but 15 cents looks like a no-brainer.