Metanor Resources MEAOD

Balance Sheet, they had the cash, did not need it

[Geodan2]

They have the money and Canadian gold prices are at 1 year highs in $1500 area. The balance sheet below shows they did not need the money.   And if they did need it, Do they not have a line of credit for a temp cost?

Balance Sheet
Total Cash (mrq):	2.30M
Total Cash Per Share (mrq):	0.01
Total Debt (mrq):	6.40M
Total Debt/Equity (mrq):	15.52
Current Ratio (mrq):	1.11
Book Value Per Share (mrq):	0.12

Cash Flow Statement
Operating Cash Flow (ttm):	1.64M
Levered Free Cash Flow (ttm):	4.34M

[ramblersrest]

They are clearly incompetent as shown by blowing all of the cash on hand and their salaries are extremely bloated .Reports of 1 million cash remaining must be looked at skeptically .Company needs sold but these characters have no skin in the game so they will keep their outrageous salary going and dilution to oblivion as long as they can get away with it , then walk ...This PP is for drilling and

[JRaffles]

If the PP were to be used for drilling, what to say that they would not come back for another PP to fund open pit set up expenses, when the PP is still on the floor. It seems as though the management are using the shareholders as a parasite would its prey.

[Geodan2]

Rambler, can think of two good Buyers, CLGRF and PPP.  Both in Canada and very profitible. However want the Surprise Vein proved out as despite this PP the stock will skyrocket if they have lets say a 16 meter wide 9 gram vein 600 meters deep and 700 meters long, or equivalent gold, which is possible.  It could go to .30 or something big, then maybe be bought out. Now understand

[LbinLoL]

I hope your right geodan.. that they did this PP to exploit now to the maximum that surprise vein to make the SP go much higher...at least this PP is at 0.06-0.065... higher than actual SP and better than the last PP

[trivela]

Read the press release again: "40,000,000 units priced at $0.05 each"

[ramblersrest]

Geo -- The big claim to fame for MTO is having a mill but mills are a dime a dozen at failed Quebec mines ....The reserves here are not documented making it difficult to finance or sell the company .Notice Sandstorm not mentioned in this PR as they were probably selling stock , and giving up on these little risky companies run by salary pigs ...The 9 million debenture hanging over heads is a big

[Geodan2]

Rambler,  What is the total shares of this offering? through Secutor Capital Management Corp.: i) a maximum 40,000,000 units priced at $0.05 each, which consist of one common share and one common share purchase warrant having an exercise price of $0.065 and a term of 36 months, for maximum proceeds of $2,000,000; and (ii) 33,333,333 flow-through units priced at $0.06 each, which consist of

[Geodan2]

If so  355.74M current shares, that is a 1/3 dilution, for $2 million on a $14 mill mkt cap company, is that possible, Rambler or someone else?

[woodscountry]

they added approxamatly 137.5 m shares to the float, any body got a paddle?

[trivela]

They are issuing 73 million shares in order to rasie $4 million, at a price of 5 cents (40 million shares) and 6 cents (33 million shares). They will also issue 56.7 million warrants at 6,5 cents. Plus broker warrants equal to 6% of the gross proceeds raised.

[Wolfin13]

Yup 40,000,000 + 40,000,000 33,333,333 + 16,666,666 73,333,333 + 56,666,666 = 129,999,999  130 million is LARGE float DILUTION in one afternoon EH Ron!

[tsoprano1]

Anyone have an email for these classless assclowns? They need to stop this before the lawsuits start flying. T

[Geodan2]

You are wolfin and mine are roughly the same on dilution about 130-140 mill total, and your point is correct, it will be $4 million to MEAOF if totally diluted.  $2 million and less dilution if stock tanks. Still not a good deal.  After 20 years or whatever, sitting a big surface new highgrade gold deposit, cashflowing already, with $2 mill cash already, they dilute about 1/3 for $4

[Geodan2]

Correction: the range of Wolfin, Trivela and I is 103 mill to 130 mill dilution, but still same ballpark.

[tsoprano1]

Geo, unfortunately my worst nightmare came true. They are either incompetant or criminal. Either way they can't be trusted. The sellers as always knew this was coming and the company screwed us hard. Can't afford to take huge loss so will have to wait till breakeven approaches. Go out to lunch and get blindsided by a bunch of asshats. I would bet that management gets some kind of fee for

[goldminer01]

This post has been removed in accordance with Community Policy

[Jball1]

This post has been removed in accordance with Community Policy

[ramblersrest]

It caught my attention that they were not bragging about all the cash on hand and all the gold in the mint the last few weeks ....Suspicion of reason for that lack of transparency confirmed ......We will likely get a couple more good hole reports until PP closed then back to sleep waiting 4 months for this 100 million to begin to be conned onto retailers ......

[Geodan2]

Rambler, Canada gold has gone up a lot in last 3 months, so their revenue and cash should be fine.  But you may be right, they somehow may be short cash.  

[ramblersrest]

Geo --One would think higher mill grade and higher gold price would mean cash accumulation instead of cash liquidation.....Otherwise is a testament to incompetency ......Pig salary levels would be a non issue if they were competent but seems to be the worst of both worlds ...

[Geodan2]

Rambler, yes I was thinking those 2 factors would boost cash, we will see.

[ramblersrest]

No need to try to figure out the actual number of shares as it is likely close to 150 mil when all is said and done ....She was pucked by the Gold stream and 9 mil debenture ( which by the way are convertible , try to figure out dilution of that one ) ...Now she is being plucked .....OBM is waiting for the bones ....So sad

[Geodan2]

T, did see your and others posts about PP creating overthang and lack of mangement ownership, now have experienced it.  What I saw was potential Santoy Gap on surface. Which still may be true. Will remember this one, the lack of ownership/PP issue, looking at other companies in future. For cashflowing mining company, never have seen this before.  Yes on biotechs which I avoid. It can

[tsoprano1]

Geo, our only hope is to deluge numbnuts with emails demanding, as actual owners, that they rescind this criminal deal. Not sure when next proxy material comes out, but we have to vote against every BOD member. This needs to be expalined to the BOD that we will vote every last one out. So maybe of we hit their checkbooks we will get some action. They must be gold people because they are certainly

[Geodan2]

If there was some way to stop the deal, shareholders would be better off.  All they have to do is go slow for 2 months and the $2 million would not be needed and shareholders would have 30% better upside or so.   You can PM me here if you wish T. Cheers

[stateside]

I've already emailed them today: [e-mail] stateside

[ramblersrest]

Thanks much Vince .......Hope you Hold their feet to the fire about shady PRs and not reducing Salary to a justifiable level ......

[tsoprano1]

Thanks, stateside. Just emailed them myself and don't expect an answer since I was not very tactful. But, hopefully my message got through to them. I had a similar situation with BNCC where they announced a deal at $3 when they traded at $6. It took a while, but deal was rescinded. Stock now at $16. It would have diluted shareholders by a large amount. The fact that these asshats don't