Huge Trap. Be Careful. This company is BROKE!!!Retail investors are hungry for a quick buck in these crazy times and falling into traps like MIR.
BE CAREFUL PEOPLE.
Fundamentally this company is in SERIOUS TROUBLE.
1- The company had a cash balance at the end of January of $150k. With their existing monthly cash burn, the company's CASH BALANCE IS NEAR $0.
2- THE COMPANY HAS CLOSE TO $10M IN DEBT.
3- With no cash on the balance sheet, they have to raise money, and being on the TSX Venture, the maximum discount is 25%, which with the current volatility, that will be the discount they will need to raise money. THEREFORE, EVEN AT CURRENT PRICE, A FINANCING WOULD BE DONE AT AROUND $0.18.
4- The company has over 650 million shares outstanding. This is a ridiculous number of shares that makes the stock extremely dangerous to invest in. The price has been sub $0.05 for a very long time. All these cheap shares are coming at investors right now and there are millions of it, creating a huge overhang on the stock and VERY SHORTLY WILL PUSH THE PRICE RIGHT BACK DOWN.