RE: RE: Whats the plan?No way they could have 4M now.
They reported having 4.1 last Sept after accounts payable on the SEDAR Dec 1 2008 release.
With the high reported figures for salaries, plus office expenses, travel etc in the Dec 1 2008 release they seem to be over 1 million per quarter for those items. Two quarters have gone by since then, so unless they are working for a buck a year and have moved to someones basement they do not have 4M. Did I miss a financing somewhere?
Their burn rate for expenses was 2.5 for 9 months till Sept 2008.
So if the bills reported in the Sept 30 report were paid, plus salaries and office expenses, travel, food and a few drinks I guess 2.8M, and thats if they cut back.
Complete that second Cape Breton seismic as announced for 2009 and not much left.
A lot of companies in the same boat.
My grandfather once told me pennie stocks don,t do all that well in a depression.
Looking again at the Sept report for the buy back costs, I think I found that.