RE:RE:RE:Q4 and Refinery Update Summarydothemathpeople wrote: IF they have $8.5M cash remaining...thats basically outta cash...with a $5.4M/monthly burn?
Your comments about $8.5M cash remaining is a little misleading as it states very clearly in the the Q4 release:
"Held cash and marketable securities of $8.4 million as at December 31, 2022, down from $19.7 million as at September 30, 2022. Electra's cash balance at the end of Q4 2022 does not include the remaining $5.1 million of government investments expected to be received or the net proceeds of US$14 million received from the convertible debt financing completed in February 2023." That said, there is still a definite need for another round of financing based on the stated refinery project funding shortfall due to "inflationary price pressures". Unfortunately there was no mention as to what the additional capital cost is above the $105M project budget. I continue to find the lack of full transparency on the part of management very frustrating.