rince and repeat?
The timing of a name change would be a benefit if there was a stream of news to follow.
The name was changed at the beginning of the doldrums of the sector. The company has not raised capital but rather appear to be hoping that they can convince contractors to accept stock in lieu of cash for work already performed. (News Release March 17 2023) I expect any future contractors will be asking for cash in advance with zero discount. To move the company ahead, if that is what management wants to do, they must have a positive vision of where they want to be in the future and a practical plan on how they will do it. Good news has to come out during the late summer to intice investor interest.
Currently it looks like there is a possibility that we may see liquidation of the company with the sale of the assets to a not quite so distant party for pennies and the assets rolled into a different shell. Another possibility is merger. Watch for M&A news after the contractors and supliers accept shares for debt.
It is good to see the CEO, COO, CFO all being well compensated financially for their part-time efforts. (See the Managment Information Circular February 2023) Do any of these guys hold trading shares? Maybe their compensation should be in shares and the contractors paid cash for the work they already performed. This lack of skin in the game is not exactly reasuring.