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Timeless Capital Corp V.TLC


Primary Symbol: V.TLC.P

Timeless Capital Corp. is a Canada-based capital pool company. The principal business of the Company is to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and once identified and evaluated, to negotiate an acquisition or participation subject to acceptance by the exchange to complete a qualifying transaction. The Company does not own any assets, other than cash or cash equivalents.


TSXV:TLC.P - Post by User

Post by Vanboarderon May 08, 2013 4:10pm
95 Views
Post# 21360225

Stated it before

Stated it before

Some here refuse to see it but the large debt and no cash to drill ARE an issue. Yes, some assests have been sold with others for sale but with the amount of debt coupled with the capital requirements I see a rough road ahead. Facts you say? Well, how about the most recent M&A from SEDAR then!

Basically they have enough funds coming in for interest on the loans (not repayment), overhead and not much else. These are the companies own words via SEDAR not mine so don't shoot the messenger. JMHO

and I quote from SEDAR"

OUTLOOK– April 24, 2013

The $17 million Bigoray-Niton acquisition on July 31st was financed with debt instruments consisting of

a $2 million loan from Anglo, a $ 6 million bridge loan from a financial company and the balance from

the Company’s credit facility with ATB Financial Services (“ATB”). The Anglo loan was cancelled

upon the business combination of Anglo and Tallgrass.

The Company is generating positive cash flow at the field level sufficient to cover interest expense,

overheads and a modest amount more, but there is still a need for capital to maintain and grow its

operating base. The Company would benefit from investment capital to reduce loan amounts and to

undertake a drilling program on the Bigoray and Niton Lands. Management is focused on attracting

capital and feels that it has a strong opportunity base of low risk drilling locations and large land

packages. The financing environment has been challenging for small companies however the Company

has several paths forward including the monetization of its non-core assets. Tallgrass has sold some

assets in Saskatchewan for $818,000 and has initiated the sales process on several other non-core assets.

Technical work has outlined further opportunities in the Company’s large central Alberta land package

that includes 120 sections of Duvernay formation rights.

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