Claude Res Inc CLGRF

From Consolidated Year End Financial

[7tapas]

Emphasis of Matter 

 

Without modifying our opinion, we draw the attention to Note 2 in the consolidated financial statements, which indicates that Claude Resources Inc. has a working capital deficiency of $12 million, has violated certain financial covenants of its term loan and has a loss of $73 million for the year ended December 31, 2013. These conditions, along with other matters as set forth in Note 2 in the consolidated financial statements, indicate the existence of a material uncertainty that casts substantial doubt about Claude Resources Inc.’s ability to continue as a going concern. 

 

 

Chartered Accountants 

 

March 28, 2014 

Saskatoon, Canada


Ok. So 12 Million dollars from the royalty sale brings their working capital to about +1 million with exchange rate.  The proceeds from Laurentian converts assets held for sale to cash and improves liquidity so no gain in working capital there.

Why isn't the entire board foregoing their cash compensation to help out here?  The officers should also be cut back, either less of them or 20% reductions in salaries?  Are they that selfish out in Saskatchewan that they rather backrupt the Company and shareholders for their individual self-interests?  Where's the new leadership on this?



 

[mysterywriter]

Yup! They really are a selfish bunch, continually patting themselves on the back..It will be interesting to see what the parting CEO received as a farewell gift...Also just announced this morning a substantial rights offering..Looks like shareholders get kicked up the a*s once again..

[stockwrestler]

Minera IRL Limited T.IRL looks bottomed out. and, another gold mine coming on stream soon. insider buys. https://stockwrestler2.blogspot.ca/