RE: In otherwordsTo earn its 51% the Company has until June 2005 to:
Cash payments - $50,000 ($25,000 paid per Kernow FS Mar-04)
Exploration - $1,500,000 ($724,000 completed per SLI FS Feb-04)
Issue shares - 500,000 (100,000 issued per Kernow FS Mar-04)
SLI shares OS at Feb-04: 38,421,136
Options & Warrants at Nov-03: 15,040,000 (per BC 51-901F)
Forecasted minimum cash requirements Feb-04 to Jun-05:
Jales agreement: $25,000
Exploration: $776,000 (Jales only)
Administration: $768,000 (approx $48,000/month as per SLI FS Aug-03)
If they can finance at $0.20 / share then the predicted fully diluted position will be around 61,700,000 shares less any options and warrants that may expire before Jun-05. Exluding any other work or shares issued on other properties.
I can possibly see a share consolidation at some point.