TSXV:WMG.H - Post by User
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DiscordtoStock1on Aug 30, 2022 8:11am
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Post# 34928974
Billboard Buzz: WMC Stock heads Lower on Lack of Financing
Billboard Buzz: WMC Stock heads Lower on Lack of Financing
Due to an overly high burn rate to sustain their top executive salaries at the cost of no production, Western Magnesium Corporation (V.WMG) is clearly running through all of their remaining capital they received in a sweetheart Private Placement offer with Alpha Capital just a few months ago totaling $2.5M.
Reports have their company now running on fumes with employees not being paid nor companies who support their efforts, further sending the stock to new lows daily. How much longer can this burn rate be sustained shareholders ask without any response from company officials at Western Magnesium?
After 10 years of trial and error, the company still remains without a verified product adhering to their lofty claims of being American Made with a low paid American Workforce which is nowhere to be confirmed in the United States. Now months without a validated product from a third-party tester to produce revenue soon, shareholder skepticism reamins at an all-time high on the demands for verification, leadership changes at the very core of this company and clear guidance for the future ahead.
Without significant changes, Western Magnesium appears to be a fading light being surpassed by others bringing their products to market (Alliance Magnesium also in Canada) addressing what little demand there is for this metal, ultimately leaving WMC even further behind and unable to make any headway.