RE: RE: RE: RE: RE: RE: RE: RE: RE: RE: what is go from the last report on Oct 15,2012
hird quarter 2012 financial highlights are found in the table below:
| | 3rd Quarter Ended
August 31, 2012 | 2nd Quarter Ended
May 31, 2012 | 3nd Quarter Ended
August 31, 2011 |
| | C$ | C$ | C$ |
| Cash and cash equivalents | 7,605,837 | 29,000,416 | 57,353,320 |
| Total assets | 282,172,951 | 296,530,236 | 208,433,672 |
| Total liabilities | 48,311,708 | 54,288,208 | 5,886,289 |
| Total net equity | 233,861,243 | 242,242,028 | 202,547,383
|
The Company's current cash position is approximately $5.8 million as at October 15, 201
December 27, 2012, Marret Asset Management Inc., on behalf of certain bondholders of Cline, has purchased US$7,000,000 of additional bonds which have the same terms as the Company's other outstanding bonds (as amended by the restructuring). The Company has used US$2,500,000 of the proceeds from the additional bonds to satisfy the bond interest in respect of which the Company was in default, as announced on December 18, 2012. An additional US$2,500,000 in bonds has been issued to certain bondholders as a forbearance and restructuring fee and an additional US$3,500,000 in bonds has been issued to certain bondholders as a rights offering backstop fee. For the other principal terms of the restructuring, reference should be made to the Company's press release dated December 27, 2012.
$48M on Oct 15 + ~12M additional bond + 3.5M right + ~10M + other expences and %
Is it $75-80M of debt would be more appropriate ?