Are out!!!! YEAH!!!!
Uh oh huh??? Only $7,848.00 cash left in the kiddy??? THAT doez NOT sound to good huh???
Morro Bay Resources Ltd is ALREADY sittin at like 100 MILLION shares fully diluded. Ewe!!!
AND this doeznt sound to good niether huh???
Subsequent Event
Subsequent to the period ended March 31, 2016, the time period for the Company’s first year expenditure pursuant to the Peoles Joint Venture Agreement expired on May 1, 2016. The Company had not made all necessary expenditures as required by the Peoles Joint Venture Agreement.
They gotta spendy spend like $750K on Penoles by the end of the year or Penoles is given back??? EWe!!!
And WHEN they raise more money they gotta pay themselfs first maybe huh???
As at March 31, 2016, an amount of $141,012 (September 30, 2015 - $80,659) remains payable to officers of the Company.
And THIS kinda soundz like they are more in survivall mode then advancment mode I think. I dunno.
Strategic Review
The Company’s Board of Directors has initiated a review of strategic alternatives, which may include, among other things, a material refinancing of the Company, a sale of all or parts of its business, a merger or other business combination or other strategic transaction. The Board of Directors has formed a Special Committee, consisting of three current directors. Pursuant to the Special Committee Charter, these individuals have the authority of the Company to speak to third parties in regard to strategic alternatives. The Company’s review process has not been initiated in response to the receipt of any transaction proposal.
Thingz are NOT lookin to good here I think maybe huh??? I dunno.
Have the BEST day EVERYONE!!!! YeAH!!!! ^_^