RE:Annual and Special Meeting of Shareholders ReportHere are excertps from my report on the last AGA at the end of February... do we still have cash or we are in bankruptcy? Also, did they contact Osisko in April as they were suggesting?
DoumDiDoum wrote: - At the current burn rate, we have 6 months ahead of us. When I asked what will happen after all the cash is spent, The CFO did not want to answer me. He told me that it would not happen. I asked him why, he told me that they will find money. I asked him how? He told me that he has friends. It was pretty clear that he did not want to talk about this issue... in fact, he just emphasized that it was a non-issue for him.
- They need $300k to $400k to get the necessary permits to pursue the development of the project. From what I understand, they will try to raise about $1.5 million for starting up the project before trying to raise the other $25 million they need to reach production. They said that getting financing in the venture market is really difficult nowadays and they are looking at several scenarios to make things happen. They are open to any ideas coming from the shareholders that could help the BOD to get in touch with interrested partys, and I witnessed at least one "serious" proposition to help in this matter from a long time shareholder. I myself asked if Osisko, which is now a royalty company searching for projects, could help in this regard. I asked if Osisko was still a shareholder and they said that they are still owning 8 millions of share. They told me that Osisko is currently in the process of completing their arrangement with Virginia Mines and that they will wait until the arrangement is completed before talking with them. The month of April came out when I asked when they plan to contact/meet them. They said that they still have a couple of contact from Osisko's management.