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Cube Psytech Holdings Inc. T.P


Primary Symbol: P.CUUB

Cube Psytech intends to trade on the Canadian Security Exchange. There is no date set for the closing of their Initial Public Offering at this time.


P.CUUB - Post by User

Comment by stazon Jun 20, 2017 12:25am
322 Views
Post# 26380940

RE:RE:RE:RE:TORONTO, ONTARIO--(Marketwired - Dec. 16, 2013) -

RE:RE:RE:RE:TORONTO, ONTARIO--(Marketwired - Dec. 16, 2013) -
Sure, go ahead. Better than $0.56. On the other hand if we have a look again into Q1 report. Current assets are $74.5M and current liabilities are $89M .Not a got sign right off the bat. But let's look into more detail. Current assets consist of: $15M cash and cash equivalents, $40M VAT and income tax receivables, and $15M inventories. Plus some small items. As per an article Ridgeback dug out seems like those $40M tax receivables are held by Mexicans as a bail money in case they win in nullifying the APA. I don't think they will but for now this money is on the books only, physically it's not there. If my assumption is correct then it brings current assets to $34M . Now, current liabilities. $60M RCF due in November. There were discussions with Sprott about some credit but for now it hasn't materialized . Trade and other payables $25M. And that's just current liabilities. Add here $46M convertible debentures. Total liabilities are $212M. Total assets are bigger though, around $690M but the main part of it is mining interests, i.e. material in the ground. If it wasn't for Silver Wheaton in Mexico and Sandstorm in Black Fox agreements, these assets would cost what the numbers imply , around $500M. Another quote from the report : " The revolving credit facility is secured by substantially all of the Companys assets and contains customary covenants and default clauses typical to this type of facility." So, what we have here: Revolving Credit Facility ($60M drawn and due in November) and $46M of Debentures. Common stock goes last in this list. While I don't share Curvature's pessimism I think there might be a point. Even after selling on the strike news at $1 the shares I bought at $2 I'm not convinced the time to buy back has come. The price looks very appealing, yes. Comparatively to the old times. But the issue with the credit has to be resolved, improvement in production has to be demonstrated. Primero has to show it's not going belly up. A couple of month ago it seemed that $0.50 was a good entry point far away. Or even $0.45. Today it's a reality. My opinion, before we see the Q2 results jumping in is a gamble. The lottery ticket a.k.a the Prince on a White Horse coming and buying this P (rincess) is limited to the fact that both mines have big constraints in the form of streamline agreements. OK , enough said. Do your own DD. I watch closely this company, it gave me a huge boost 5 years ago. I wish it well and hope we we'll be able to recover our losses after E.Mast disaster.
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