RE:Maritime Does not need to raise money I can read a little bit. If the words are small and basic :)
I haven't been able to find many of your statements.... ie. where the additional funding will come from. Or that the funds would be sufficient to support expenses until end of 2025. I did see something about 12%, meaning that this $8 million that was directed at certain items.
But I think that $8 millon was to be fully spent on the items that they mentioned. Drilling Stoger tight, before a revised feasibility study. upgrading the mill. And general corporate purposes.
I did see where the funding was intended to go. That might have changed with a new Chairman of the board. Don't forget they had already been forwarded a million of that 8 million in August just to keep the lights on.
They had to do some fancy stuff to let Dundee increase their holdings from 20% to 43% without it being considered someone trying to take over the company.
But that $8 million is slated to be used for certain milestones. And it is fully budgeted for, and will likely take 12 months.
That money does not include money to start mining stockpiles (which costs money) to process. That is an extra and is not budgeted for is how I read it. If the shareprice increases, maybe they will not need more money with the exercise of warrants. But.... it's hard to count on that.
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Below is from the rights offering circular.
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"How long will the Available Funds last?
Management of the Corporation anticipates that the Available Funds will last 12 months. The Corporation currently does not have adequate funds to cover anticipated expenses for the next 12 months.
The Corporation plans to pursue additional financing alternatives in order to obtain sufficient working capital to last 12 months, and to continue funding the Corporation’s exploration and development activities"