RE:RE:Penaltysteamfitter wrote: They know we have them surrounded and without an extention of their property the major find just may be on our side of the fence. Like any mining company I believe that they have flowen over and recorded the strength of our property. Surface is easy to read. The direction of their drilling could also demonstate the possibilty of good gold continuing in our direction.
I am saying no because we have the cash and a positive drilling program for the remaining year and we have demonstrated good finds and should get at least one for one for each share if not more for a merger. Just my thoughts
Steamfitter
Are you sure there are adequate funds available for this year. As of Dec 31 there was $8,984,807. I don't know how much of that has been spent to date this year already but raising more cash in this uncertain environment may not be easy or cheap and drilling costs are not cheap either.
In Balmoral's annual report dated March 27 2020 for the last year starting on page 19 under risks reads the following:
No Assurance of Profitability: The Company has no history of production or earnings and due to the nature of its le business there can be no assurance that the company will be profitable. The Company has not paid dividends on its shares scince incorporation and does not anticipate doing so in the foreseeable future. All of the Companies properties are in the exploration stage and the Company has not defined or delineated any proven or profitable reserves on any of its properties. Continued exploration of its existing properties and the future development of any properties found to be economically viable, will require signiicant funds. The only present source of funds to the Company is through the sale of its equity shares, short term high cost borrowing or the sale or optioning of its interest in mineral properties. Even if the results of exploration are encouraging, the Company may not have sufficient funds to conduct the further exploration that may be necessaryto determine wether or not a commercially mineable deposit exists.
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Failure to such additional capital could put the continued viabilty of the Company at risk.
On page 21 it states :
Insufficient Financial Rescources: The Company does not presently have sufficient rescources to undertake by itself the exploration and development of all its assets.
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Financing Risks: The Company has limited financial resources, has no source of operating cash flow and has no assurance that it will be able to obtain adequate funding in the future ...
Wallbridge raised over $70M before the Corona shutdowns and can easily adjust to continue drilling on the appropriate Balmoral properties that have the most upside as well as their own exploration. They also are in the midst of permitting a bulk mining sample which could also bring in funds.
If Balmoral shareholders fail to take advantage of this chance to become a part of a bigger and stronger company I think the Balmoral share price will likely drop to its previous lows or further in short order.