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Red Eagle Mining Corp RDEMF

Red Eagle Mining Corp is a Canada-based development-stage company. It is engaged in the exploration and development of mineral properties. Geographically it operates in the countries of Canada and Colombia. It focuses on building shareholder value through discovering and developing gold projects with low costs and low technical risks in Colombia. The company primarily explores for Gold and owns interests in the Santa Rosa Gold Project located in Antioquia, Colombia covering an area of approximately 10,000 hectares.


GREY:RDEMF - Post by User

Bullboard Posts
Comment by stazon Jun 20, 2017 7:28pm
153 Views
Post# 26385113

RE:RE:NEWS

RE:RE:NEWS
The balance sheet looks like cr$p, that's true. "The Company is currently in the ramp-up phase at the San Ramon Gold Mine and Mill. The Company incurred a net loss during the three months ended March 31, 2017 of $2,591,383 (2016: $144,614). As at March 31, 2017, the Company had cash and cash equivalents of $5,916,962 (2016: $4,202,170) and a working capital deficiency of $26,179,655 (2016: $25,673,840). Under the Companys credit facility agreement, $21,640,310 is due within twelve months of the balance sheet date. Excluding the current portion of the long-term debt, the working capital deficiency is $4,539,345. The Companys ability to continue operations in the normal course of business is dependent upon establishing positive cash flows from production at the San Ramon Gold Mine and Mill which has not yet been achieved. The nature and significance of these conditions may cast significant doubt about the appropriateness of the going concern assumption. The Company is focused on achieving steady state gold production in the near term. For working capital and exploration purposes, the Company completed a bought deal financing in February 2017 for gross proceeds of $13,118,868 (CAD $17,250,000) consisting of 23,000,000 common shares at a price of CAD $0.75 per share. " If production hasn't pick up in Q2 which I hope it did, the decline in sp will continue . If they managed to reach planned mining and milling of 1,000tpd with declared in FS rates of 5g/t they should be able to produce 10-12Koz of Au in Q2. They have to provide an update by the end of June. Not saying they necessarily will. Will call IR tomorrow.
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