GREY:LCPRF - Post by User
Comment by
eebleron Nov 17, 2011 9:41am
309 Views
Post# 19244548
RE: RE: Spin-Off
RE: RE: Spin-OffNot worth looking at....they aren't even doing anything with the property. Looks like they've turned turtle and converted to a shell company to hold the property in the hopes that they might one day themselves be bought. No drilling, no exploration updates, nothing that suggests they are moving anything forward. Not much money left either, with a deficit of $12m offset by $1.4m in working capital. They are even having trouble raising cash. There are enough references in their financials to suggest they won't be in business much longer if they can't find more cash. Speaking of which, they had warrants that were never exercised because they never did anything that made them worth it for the holders to take advantage of them. Maybe LCC can buy it back on the super-cheap when they belly over. It looks LA had bigger eyes than their wallets/capability could deliver on.