RE:Massive buybackSpending all the available cash on hand plus some debt to solve a long standing share overhang from TPFG Environment Investment Limited ("TPFG") for an aggregate purchase price of $12,316,974 .
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Cash on hand at June 30, 2021 stood steady at $10.2 million. Earnings from operating activities during the quarter generated $172,000 of cash and this was offset by $760,000 of cash used to fund increases in non-cash working capital particularly inventories and prepaid expenses.
I think this has been underway for some time - notice the $760,000 of cash towards non - cash working capital particularly inventory and pre paid expenses.
Pro forma data in the circular should be encouraging.
GLTA