GREY:PGDIF - Post by User
Post by
cudjoon May 15, 2015 10:08am
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Post# 23732348
Funding shortfall
Funding shortfall
"At May 14, 2015, the Company had working capital of approximately $9.5 million and cash resources of approximately $14.9 million. The Company’s cash resources are sufficient to provide the necessary funding in order to complete the 2015 bulk sampling program at Chidliak. The Company does not have sufficient financial resources to complete all of its currently planned exploration programs, further exploration and development of the Company’s mineral properties in the near and long term will depend on the Company’s ability to obtain additional funding through equity or debt financing or through the joint venture of projects. The Company estimates it will require additional funding of approximately $7.7 million in order to finance planned work programs for the balance of 2015 and the first half of 2016. These programs are designed to advance Chidliak through completion of potential resource statements for the CH-6 and CH-7 kimberlites and the delivery of a planned PEA in 2016."
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The financing that was just completed will not take them to the PEA planned for 2016. Bottom line is another 25 million shares to the float at todays prices, putting us over 330 million shares. Also, earlier NR's stated that the PEA could be expected in early 2016, now it appears they are just saying 2016...... More delay? and........This is becoming very bloated. With nothing coming news worthy for another 6 months or more, will weigh heavily on the sp IMO.