PINL:GRPOF - Post by User
Post by
newdaydawningon Jun 25, 2019 6:00pm
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Post# 29862326
Offering price should deliver full $7M
Offering price should deliver full $7MBut that means an additional 23.3M shares issued and 46.6M shares fully diluted. During the last quarter, the company burned through $5.9M in cash, but still had $7.9M in the bank as of Feb 28. In the last financial filing, under the GOING CONCERN heading, TBP stated:
Management believes that the Company has enough working capital to support operations and research for the next fiscal year.
Even if assume that means the current fiscal year ending Nov 30, one now has to wonder about the veracity of that statement.
The company's current rate of cash burn is unsustainable, even it if does close the current private placement with a maximum subscription.