Email from Tim Barry, SVBL CEO... Posted by pogbull at the SVBL board at SI:
I did get a nice email reply from Tim Barry:
Apologies for the late reply – I am at the site right now and will be in and out of contact for the next week.
You are right – it is extremely difficult to raise money right now, however good stories can still attract some capital. I believe we are one of the good stories!!
It is a good question on how we can reduce our monthly burn and this is something we are looking into. We are looking at all options, and this includes reducing salaries, dropping offices and letting go of more staff.
The key will be to make sure the company is still standing when we do see a turn in the market!
As you know to finance at these prices is going to be very dilutive – but I would do this in a nano second if it’s the choice between being broke or getting diluted. But again all options need to be looked at – and this includes selling the project (for the right price!) merging with a producing company that has the cash to ride the current market out (this could be done as a stock deal so SB shareholders can get a lift when the market turns) or joint venturing out some or all of the project.
Any deal that we think may have potential we will take to the shareholders for approval.
With this said the company is still in better shape than most – presently we have just under $1M USD in the bank and although news flow has not been strong lately we are working on a number of things that we believe continue to add value to the project. The results of these efforts we plan to announce soon.
I am back in the office next week and will be available for a call if you would like to chat some more.
https://www.siliconinvestor.com/readmsg.aspx?msgid=30357915