RE: Financial out - very sad On a positive side - perhaps there will be no dilution. They are trying to match production and operating expenses to sales:
"For the period May 2012 to December 2012 the Company anticipates spending the following amounts, based on the revised operational plan: operating costs of approximately $36.0 million and new capital of approximately $16.0 million. The Company’s plan for calendar 2012 anticipates the sale of approximately 470,000 tons of coal, which translates into almost 7 full Panamax shipments of coal. This scenario would leave the Company with approximately $18 to $24 million in cash, using projected prices between $130 FOBT and $160 FOBT.
The Company has drawn down on all $50 million of its debt facility as described in the MD&A, which provides it with the necessary working capital flexibility it will require as sales ramp up over the course of 2012. To pay for all remaining operating expenditures and capital expenditures detailed above, the Company will need to sell the equivalent of approximately 250,000 tons of coal, or almost 4 Pananmax shipments of coal, by projecting over the full year the current low price for high-volatile coking coal of $130 metric FOBT. "