GREY:ADEXF - Post by User
Comment by
hundredvanities1on Apr 19, 2012 1:12pm
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Post# 19812945
RE: RE: RE: Curious...
RE: RE: RE: Curious... But look at what those other companies have been doing the last couple of months: 1) LIM just closed a $71.6 million financing and they've got a producing project; 2) ADI closed $91 million from WISCO; 3) NML has over $100 million in cash and a project coming online at the end of the year; 4) Champion just raised $30 million; 4) ADV just closed $40 million from a private equity fund, and signed a $194 million deal with Hebei.
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Even FEO's $8 million, while paltry, will last longer because it operates in the Labrador Trough, a significantly friendlier landscape than Nunavut. AXI will very quickly burn through its remaining $5 million if it starts a mobilization process at Tuktu and Roche Bay this summer. It costs millions just to get the fuel, food, helicopters, labor and camp set up.
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My prediction remains the same. No meters get drilled this year at any of AXI's properties in 2012. They don't have the cash.