Hi EVERYONE at Morro Bay Resources Ltd bull board blog!!!! I hope EVERYONE is having the BEST day!!!!
Kinda WIERD huh but Morro Bay Resources released newz on a Friday! Isnt THAT suppost to be like the day you release BAD newz??? Anyway Financials stuff is out. Also Morro Bay changed the option agreement for Penoles project. They just need to spend $500k at Penoles AND pay Riverside like $1.3 MILLION and a buncha shares and stuff.
As a result, in order to exercise the Option (and thereby acquire a 51% interest in the Peñoles Project) Morro Bay must:
1. Incur exploration expenditures totaling not less than $500,000;
2. Pay to Riverside US$1,250,000 and CAD$100,000; and
3. Deliver to Riverside Morro Bay common shares having a value of CAD$750,000 (or pay
cash in lieu of all or a portion thereof).
This is from MD&A on Seder
Liquidity and Capital Resources
As at June 30, 2014, the Company had a deficit totaling $1,008,497 (September 30, 2013 - $115,895). The Company had working capital of $1,300,578 at June 30, 2014 (September 30, 2013 - 2,491,327). The continuation of the Company is dependent upon the continued financial support of shareholders, its ability to raise capital through the issuance of its securities, as well as obtaining long-term financing. As at June 30, 2014 the Company had cash and cash equivalents of $1,210,723 September 30, 2013 - $2,509,271).
Gonna be quiet tite excersising that option agreement especially since they only just have enough cash now and are still tryin to explore and stuff. Could be close I dunno.
Have the BEST day EVERYONE!!!! YEAH!!!!! ^_^