SuneeDaze wrote: Just a few quick comments regarding the financing discussion here. First off, the company has been in existence for 35 years. They have yet to consolidate the shares (not once), and still have under 60 million shares o/s. Read that again. I think management knows a thing or two about effectively managing a company and its finances.
That being said…for all it’s worth, drilling ended on November 30, so there is a good chance that drilling costs were included in the last financials which shows exploration expenditures (Patwon) to the end of August of $183,000 with $597,990 stated in the “addition” column of financials.
Also of note, you have to love the generous Quebec tax credits which for Patwon, was $260,000. If Patwon drilling wasn’t included, they drilled 996 m. Let’s assume a very high all in cost of $300 / m….there’s $300,000 obviously. There was cash on hand at the end of November of $1,365,000. Also, what some are either forgetting or unaware of is that the company raised $785,000 on December 19 (after Patwon drilling was completed).
And it’s reassuring to see this statement in the MD&A… “• Azimut ended Q1 2020 with working capital of $561,0001 ($819,000 – November 30, 2018). Management believes it has sufficient funds to pay its ongoing general and administration (“G&A”) expenses and to meet its liabilities, obligations and existing commitments for at least the next twelve (12) months following Q1 2020”
Like I said, the company is in good hands. There’s little doubt that a financing will occur at some point in the near; but when it does, I’m confident it will be advantageous to the company and its shareholders with minimal dilution.
Have a good night.