RE: gospeltrader (sevster)The last NR stated "Estimated costs of quarrying, trucking and milling, totalling $1,750,000 USD, must be financed until the first concentrate payments are received. It may be possible to obtain a major portion of this from metal traders. A complete breakdown of the costs will be outlined in the upcoming National Instrument 43-101."
The oversubscribed PP NR on October 11th was for $1,550,000.
Blair Naughty stated "We are very excited at United Bolero to raise the capital to move forward on our Bald Butte project, as well as start work on our the Chong molybdenum property in Sudbury. These funds should enable the company to take the final steps required to put ourselves into a positive cash flow situation, thus enabling the company to be self-financing in the future."
I'm assuming the estimation of $1,750,000 USD is just what it states, an "estimation". From the statement from Blair, the PP appears to be the last one before production but I'm assuming some of the money raised from the PP will also go to the Chong property for further development of that property so they can place the Chong property into production as well. Will it be the last PP before production? When talking to Blair, he stated he'll do whatever possible to prevent any further dilution. I'll have to take his word for it.
We'll receive a complete breakdown of the costs in the upcoming National Instrument 43-101 and then we'll both have a better understanding of what the company has planned.
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