RE:CGX has just released its year-end 2020 financial statementsA joke really (well the financials that is). Accumulated deficit of $297.8MM USD and only $11.8MM USD cash on hand. Hell, at this point, unless more shares/warrants are exercised, they probably do not even have enough cash on hand to fund basic operations until Dec 31 2021.
No wonder they cannot get any JV signed... sure great land base and seismic/reserve report, but almost no money to fund absolutely anything. What leverage does CGX (and Frontera via CGX shares) have in any negotiation? Other than continual government life support, CGX truly should have be eliminated by now and this report proves that clearly... they are a joke of a company and this report proves it. Hell, the joke of CGX funding their portion of the upcoming Kawa -1 well or even building roads/ports is nothing but pure fantasy... this requires liquid capital. They barely have enough money to keep the lights on.
Stupid me... I should have sold a bunch of shares weeks ago when the share price was at $1.10-$1.20 instead of having fantasies about it going higher. I made that mistake in Sept 2019 and clearly never learnt a bloody thing and made the same idiot moves again. Unless a miracle happens, I have a hard time seeing a white knight JV occuring right now.... unless of course Frontera fronts the entire spending program (which at this point looks very likely... should not take this long to ink a JV). And of course, we are back down to .82 cents/share.
Great job De Alba and the rest of the CGX/Frontera management teams... can't even get land sold for $ and therefore wells funded in the hottest basin in the world.... maybe they need more cheap shares given to them to provide inspiration.