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High North Resources Ltd HNTHF

Energy Oil & Gas E&P
High North Resources Ltd is primarily engaged in the business of production, exploration, and development of oil and gas properties. The company operates through Chemical and Allied Products Merchant Wholesalers; exporting and importing base oil; Starch and Vegetable Fats and Oils Manufacturing segments. Geographically, it operates through the region of Canada. The organization generates most of its revenues from the trading on base oil, chemicals, and crude oil.


GREY:HNTHF - Post by User

High North Resources Ltd
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Post by PositionTradeon Oct 22, 2013 9:19pm
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Post# 21839522

Does HN has enough cash to complete current drilling?

Does HN has enough cash to complete current drilling?I am long in HN.  After double checking HN finance, seems some difficulties in financing - 

1) According to current presentation, HN has only $3.25m (when share outstanding is 33.4m)  

2) HN needs $7.5m to complete 2 development wells and 1 exploration well, plus working cap $0.75, total $8.25m according to the presentation

3) The NBPP was announced to be closed at end of Aug.2013, refer to 0729 NR.  However, almost 2 months passed, it has still not been closed.  

I am closing my fingers and hope to see good result from #1 well so the NBPP can close soon and get cash for further  work.

JMHO and I could be wrong.

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