RE:RE:Announces Proceeds of $4.9 Million from Exercise of Warrants
Parker5295 wrote: According to an individual on CEO.ca:
[@Sylle] I draw some conclusion from this:
1) 23,800,000 warrants were exercised since the Q3 Financials (ended September 30), for a total of C$3,570,000.
2) As they had C$1,997,255 in cash Q3, with the new addition and an assumed cash burn rate of C$500,000, they should currently have around C$5,000,000 in cash.
3) This gives them a cash runway to around **July 2024**.
TLDR; Quantum eMotion is in a strong financial position
Sounds great on paper at current burn rate, however... there will additional factors that come into playthat will deplete cashflow.
QeM will need to spend additonal money on securing components like chips, and paying Syntonic for their services, manufacturing and product development. At this time, we do not know how much this will cost ... but at least we have some cash in the bank to advance and/or speed up these processes. We may get a glimpse of some of these costs in the Q4 (Year End) Financials.
The next set of financials are due April 30, and will need to be audited. In the past, the company usually released these in conjunction with an AGM. Due to COVID 19 (Omicron), this may have to be virtual AGM pending on rules in province of Quebec.
Malricy - if able, you may have attend for all of us again!
Good luck Everyone!
FI4