RE:How Many Holes can they drill... my hope is they put it all into SGV. Assuming the $1.5 million financing closes and the 6+ million $0.10 warrants that expire August 28th get exercised they should have $2.1 million in the bank account to fund the drill program and keep the lights on at the company. This should be enough to do about 10 X 600 metre holes at SGV. Or 15 holes at 500 metres. If they hit long intersections of the right structure, then guessing the share price will ramp up while we wait for assays. A 100 metre intersection of 0.10 grams/tonne Au would light the stock up like a Christmas tree.
Assuming we get good news that causes the share price to rally past $0.30/share, then the half share purchase warrants would be in the money. If the shares trade at $0.50/share for 10 consecutive trading days, the company could accelerate the exercise date on the warrants which would give them $1.8 million (6,000,000 full warrants at $0.30/share) cash proceeds to drill another 10 X 600 metre holes at KC which hopefully helps them understand the source of the three Scorpion holes that ended in bedrock containing 0.1 grams/tonne Au.
If things go right, this unit financing and the exercise of $0.10 and eventually the $0.30/share warrants gives them $3.9 million for working capital and to complete first round of drilling at both SGV and KC.
Drilling permits and drills are readily available. The financing seems to have been designed to close quickly so once officialy closed, I am guessing their drill program details will be announced with drills mobilized and turning shortly thereafter.
Don’t listen to me though. I am a novice investor.
ShellsRFun69