Let’s Do the MathAs of July 31, 2021, MTX has $1.8 million (rounded) left.
“...Exploration expenditures of $347,191 have increased significantly from $188,170 in the prior period. This is due to having an active sampling program for the Quebec project during the summer of 2021. In the prior period, there was not an active project an Exploration expenditures related to project maintenance. Please refer to Note 7 in the financial statements for additional detail on exploration expenditures.”
The Co spent roughly $535,000 (rounded) on Que to July 31.
Of the $3.1 million raised - $1.7 million were flow through financing for Quebec only. So far, they have spent $535,000 on lab and exploration there. Around $1.0 million or less are left for Que out of $1.8 million in the kitty.
If Chuck found something, he will need to raise funding at 5 cents that would be hugely dilutive without a rollback.
Chuck said he did contemplate rollback back then.
POS