gold loan was repaid
My mistake, I read the below post by Sylversurfer as being part of yesterdays news release apparently silversurf was quoting the oct 25 2011 release
Guess they just ran short of money and expenses for the initial production are not low enough to give them enough cash flow without the $5m
Take me out bugger last 130,000 shares is offered
So long
good luck
If they get experienced management I will re-buy for Kerr Addison
SYLVER SURFER said
`You're happy they blew through their cash reserves and now have to dilute substancially just before they were supposed to be financially sustainable?
"The proceeds of the Offering, together with the approximately $3 million of cash that Armistice had on hand at the end of our fiscal 2012 first quarter on September 30, 2011," said Todd J. Morgan, President and Chief Executive Officer of Armistice, "provides us with adequate funding to repay Wateron and become a debt-free company, bring our McGarry Mine project into production, and to significantly increase our exploration programs on the McGarry and Kerr-Addison properties through calendar 2012. The termination of the Gold Supply Agreement will be very beneficial to Armistice's cash flow as we begin selling gold in 2012."
Read more at https://www.stockhouse.com/bullboards/messagedetail.aspx?s=AZ&t=LIST&m=31593361&l=0&pd=2&r=0#YoA6RoUCbS8MXOUW.99