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Bullboard - Stock Discussion Forum Ruby Creek Resources Inc RBYC

Ruby Creek Resources Inc. is engaged in developing a gold property. The Company's project includes the Gold Plateau Project. The Gold Plateau Project consists of property, which has artisanal gold mining activities. The Gold Plateau Project is located in southern Tanzania approximately 150 kilometers north of the Mozambique border. The Gold Plateau Project consists of around 15 properties of... see more

GREY:RBYC - Post Discussion

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Post by jonggua on Feb 07, 2013 3:02pm

moolah

this is all well and good, but where is the money coming from? the company is in debt, has no money,and now we are buying this and that and ramping up. there has been no talk of financing with either new debt or equity sales. we were carried thru 2012 by mgmt working for free while trying to raise money which proved impossible in the current environment.

 

my guess is some of the principals are again putting in their own money just like 2012's team did, but gratis, with no claims on it. this however, will likely not let us go very far. we need some millions to get cash flow positive and there is no word on where this is coming from.

 

it wasn't lack of will or expertise that did us in last year, it was NO MONEY.

 

how that is gonna be solved is  yet to be seen.

 

I am cheering us on to victory with the best of em, just pointing out the obvious...encouraging to see toby still minimally involved.

Comment by mermoo on Feb 07, 2013 3:59pm
  Well, it may have been a combination of both that did us in.  Any company has a finite amount of resources and those resources should be tallied and considered in any long-term strategic plan.  Ruby Creek burned through a lot of cash buying equipment, land, etc… but left themselves a bit short of being able to actually achieve production.  I noticed in the PR it said ...more