SGC Needs to Slow Down their Cash Burn RateI agree! SGC raised the amount of the private placement two times. If they were anywhere even remotely near having someone offer them a buyout of the company they would have not bloated the SGC share structure this much for a measly .19 cents per share with warrants to obtain only
$5,750,000 in short term financing for general corporate purposes. A much favorable scenario could have taken place had they received a real buyout offer. They could have released the buyout offer in a press release and used that to spike the stock price. Then they could have officially turned down the buyout offer then completed a private placement stock offering at a much higher price. Bringing in a lot more then this current offering did.
They cannot come out right now and say that they are close to selling the company. Come on guys they just raised $6 million. They can say that some companies have shown interest in SGC and that they are in talks with Eritrea for their 30% but you will not get more than that right now.
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