RE: RE: Sell-off at the end of March...Yeah, not too sure about this one until I do more DD, but I will err on the side of caution right now. Just reduced my Bid to .03 until I decide what I want to do. If I get filled at .03, perfect. If not, that is fine too. The statement below, in bold, is enough to keep me bidding low.
It seems the sell-off coincided with the release of the financials on March 26th, and, while there was a lag for about two trading days after the release of the financials, I think the statement below may have spooked a few investors. I see more PP's at a lower SP right now and an increase in OS. It would be interesting to see the house positions for last week alone, to see what houses were the main sellers...
Financing shortfall
At November 30, 2009, the Company had a working capital deficiency of $1,194,598. The FY-2010 private placement did not eliminate the deficiency, and the Company is seeking additional financing to eliminate the working capital deficiency and continue the exploration of our properties.
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At March 24, 2010 the Company expects to have to raise at least $750,000 in non-flow-through funds in order to continue as a going concern, carry out our 2010 exploration budget, and fully fund our working capital deficiency for the next 12 months.
The Company lacks operating revenue, and is entirely reliant on equity financing to support its operations.
Good luck,
B