$19M Cash...Wow ! MarketCap -> $6.5M...SALE!Big Cash Balance - Sedar Nov 29, 2011
Cash and cash equivalents and term deposits
Cash and cash equivalents and term deposits decreased from $51,338,334 at December 31, 2010 to $19,010,427 at September 30, 2011. The majority of the decrease in cash and cash equivalents and term deposits is due to ongoing exploration and evaluation expenditures of $10,764,513 and $34,673,527 incurred during the three and nine months ended September 30, 2011 and other general and administrative expenses. The source of the Corporation’s funds is from its IPO that closed on May 28, 2010 for gross proceeds of $52,500,000 and subsequent over-allotment on June 11, 2010 for gross proceeds of $4,858,750.
Exploration and Evaluation Assets
Exploration and evaluation assets increased from $15,192,143 at December 31, 2010 to $50,465,536 at September 30, 201
As at September 30, 2011, the Corporation had $19,010,427 in cash and cash equivalents. The source of the Corporation’s net working capital of $17,702,486 is a result of the Corporation`s IPO financing, which closed on May 28, 2010 with the over- allotment closing on June 11, 2010.
On May 28, 2010, the Corporation closed its initial public offering (the “IPO”) and on June 11, 2010 the Corporation closed the over-allotment to the IPO for combined gross proceeds of $57,358,750. The IPO financing consisted of the sale of units at an ascribed price of $1.00 per unit (the “IPO Units”).
the Corporation is in the early stages of exploration
With such a high working interest on an expansive land base, the Corporation has a number of financing options available. To preserve capital and minimize dilution to shareholders, the opportunity to lower working interest through joint ventures and farm- in arrangements are attractive and currently the Corporation has in place a number of confidentiality agreements.