Post by
GreenArrowUp on Mar 19, 2022 8:35am
Financial position
Financial position The Company’s total assets as of January 31, 2022 increased to $28,900,000 compared to $28,343,000 as at January 31, 2021 mainly due to increase in mineral property interest. Deferred mineral development costs incurred during the period were as follows: 1.6 Liquidity At January 31, 2022, the Company had a cash balance of $1,884,000 (October 31, 2021 – $1,440,000), of which $874,000 (October 31, 2021 – $874,000) was held as cash collateral against a standby letter of credit issued in relation to the permitting process of the Sisson Project. At January 31, 2022, the Company had a working capital deficit of $2,352,000 (October 31, 2021 –$1,929,000), which amount was determined after deducting the amount of cash collateral of $874,000 (October 31, 2021 – $874,000) from the Company’s cash balance. As described herein (see 1.2.2 Financing), the convertible loans payable and any interest accrued thereon can be settled at maturity, either through a Share Settlement or a Partnership Settlement. Further advancement and development of the Sisson Project will require additional funding from a combination of the Company’s shareholders, the Sisson Partnership’s existing or potential new partners, alternative capital providers, and debt financing. As the Sisson Project is currently in the development stage, the Sisson Partnership does not have any revenues from operations. Therefore, Three months ended January 31, 2022 2021 Engineering and design $ – $ 5,994 Environmental and permitting 39,965 – Community and sustainability
Comment by
stockpunter on Mar 19, 2022 11:58am
Thanks. So, we have no explanation for the repayment deferal, correct?
Comment by
GreenArrowUp on Mar 20, 2022 2:26pm
Correct Not that I see any