RE:RE:RE:RE:A perfect example of why a SLI revival will never happen Sorry to inform you Aiminvestor but I do not know the finance of St Elias Mines.
If I were to guess I would think that SLI is at a very minimal negative working capitol. The company was broke long ago. For the company to remain registered someone has to be paying basic fees for basic services. Otherwise the company would cease to exist. If you wish to know how much you might want to contact the only remaining officer, Lori. There is a chance the Lori is racking up a monthly debt with St. Elias Mines for both her services and for rent to her company.
If the company should raise funds I would expect the current officers to retain control, they never did lose control. Furthermore, I am not sure how you could visualise any raising of funds that does not first cover existing deficits or negative working capitol. If you want to wipe out all pre-existing debts the company would have to file bankruptcy. Are you proposing that SLI file bankruptcy?
I know that on Agoracom you have all touted that you have retained your shares and that you still have “control” over the company but let me remind you that the first people protected when a company folds are the debt holders. Shareholders get the scraps. Lori was owed over 100K 5 years ago. Her salary was $5000 per months and the rent was $5000 per months as I recall. I think that Lori could not be owed in excess of $750,000 from SLI. But, observing that she is fair, equitable, and honest to a fault I suspect that she will forgive, or has forgiven this debt. But, that is speculation on my part. As I said, I am not involved with SLI finances. I just know that as SLI’s only debt holder, Lori is the first to be taken care of. Molson and other like to come down on Lori for selling her stock and claiming that Lori has no skin in the game but that could not be further more the truth.
As I said several times, for SLI to move forward they would have to do so with a new project. Tesoro is dead. It was drilled to death.
aiminvestor wrote:
So they have got a working capital defecit then! That appears to be what you're saying......correct?
How much is it then? You should know as you're the "grown up" LOL!
So, if the company raise finance, giving control back to management, is it fair to say some of the money raised will be used to plug the negative working capital hole?
If that's so, and given that fundraising is still not easy for juniors without a good project, how much money will likely remain, and what on earth could be done to create shareholder value with it?
I would suggest there are better alternatives among the thousand or so TSX listed mining companies personally.