RE:Financial Statements on SedarBased on previous mentioned news and burn rate. Here is some info.
"Montreal, September 24, 2018 – Geomega Resources Inc. (“GoMgA” or the “Corporation”) (TSX.V: GMA) is pleased to announce that Innord Inc. (“Innord”), a private subsidiary controlled by GoMgA, has been approved for conditional funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) for an amount of up to $350,000 over a period of 18 months to advance the scale up work on the ISR technology for recycling rare earth elements in the permanent magnet industry" https://ressourcesgeomega.ca/wp-content/uploads/2018/09/2018-09-24-IRAP_EN.pdf So if you take $350,000 and divide that by 18 months you will get about $20,000 budgeted per month for development of the separation tech. It is my opinion that is why things are at a slow pace. But I believe we are at a pivitol point in time that this snails pace will win the race. Remember it is a very small team. Being 7 months into that funding; there is still 11 Months to go which is around approx $200,000 more? I am assuming this is how its paid out, Monthly? I do not know all the conditons of this funding. That would be a question for Kiril to answer. Great thing I see here is that the government paid this bill; no dilution.
Also in the following video, Kiril reaffirms that burn rate @ 12:21 of the video it is less than $20,000 per month.
https://www.youtube.com/watch?v=KUHTeT6eMoI From my understanding and opinion of the current situation there is money to still develop and enhance the separation technology. This is why "
Innord will continue operating the minipilot in parallel to obtain additional operational data and to keep performing optimization and improvements to the process while the demonstration plant is being built." https://ressourcesgeomega.ca/wp-content/uploads/2019/04/2019-04-03%20Mini%20Pilot_EN.pdf Now if the stock hits 0.16 cents more money will be forthcoming.
There are options as well for the Howard Group; 500,000 @16 cents.That’s another $80,000.
A while back they announced in a press release the following.“In addition, GeoMegA has filed to extend the expiry date of 1,302,778 warrants for two years as per the table below, subject to the TSX Venture Exchange approval.There are no other proposed changes to the terms of the warrants."
Number of Warrants Current ExpiryDate NewExpiryDate Exercise price 1,302,778 June 19, 2018 June 19, 2020 $0.23 https://ressourcesgeomega.ca/wp-content/uploads/2018/06/2018-06-27-Grants_En.pdf Is that approx $300,000 in the coffers? That would pay for some of the
Contractual obligations. Having said that, again it appears they expect at least a 0.23
cent share price soon. or maybe a target? That’s encouraging for myself.
SOOOOO what missing here? It seems a few news release to give us insight. If I am wrong on something please let me know. As always do your own DD. Please!