Post by
rragg on Feb 05, 2014 12:37pm
not sure where this is going
CCTR, look closer and be careful.
Not sure what is going on here. There is a panic sell off obviously, with no news. I'm not sure if a bigger investor with a little knowledge bailed and started it all or if it started because someone decided to sell a large chunk to invest somewhere else, and that scared everyone into selling. If it was the second then this is ripe for buying.
The company now has no financing, is in debt protection (deadline probably looming) and has $10 mil +/- of debt. The upside is that Ophir is to start production in the first quarter. If Enirgi is gone, is Ophir enough to keep the company floating? We are looking at time and hanging on long enough for the assets to become desirable, sellable. How much does it cost to keep the doors open, half-mil, a mil? Ophir production would probably cover that.
Enirgi is the key and who knows what is going on there. I can't believe it would be that difficult to come up with $2.5 mil if the assets are there and marketable. I'm betting they come up with the funds and Enirgi goes away. I'm not sure enough though to buy more at this level.