BEWARE: MD&A April 27/2015
On Sedar: https://sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00026272&fileName=/csfsprod/data151/filings/02340230/00000001/g%3A%5CCL%5C4412%5C000%5CMDA_2014Dec_MNM.pdf
Direct quotes from the latest MD&A:
- "It is likely that existing shareholders will suffer significant dilution in connection with the Company securing conventional equity financing in the current market environment."
- "As at December 31, 2014, the Company had a cash balance of $1,148,990 (December 31, 2013: $140,988), and a net working capital deficit of $1,758,155 (December 31, 2013: 2,055,711)."
- "Extensive funding was provided to the Company during 2014 by management in the form of non-interest bearing and unsecured advances, unpaid remuneration and unreimbursed expenditures incurred by management on behalf of the Company. Liabilities totalling $1,798,529 were due to management as at December 31, 2014"
- "The feasibility study is expected to be completed during Q2 2015. Total estimated incremental costs to complete the feasibility study amounted to approximately $1,240,000 as December 31, 2014. The Company will be required to secure additional financing to complete the study."
Read the rest yourselves...