You obviously having been following this company for long. There cashflow statement at the end of the Dec Qtr showed a cash balance of approx 600k. 3 months have almost passed and I would expect them to be down to 100k or so by now if thats not desperate I am not sure what is.
Yes you are right hopefully the Directors and other top 20 shareholders will stump up for the rights issue and they may raise up to 2 or 3m but some of these shareholders may have had enough.
The company needs more positive information to come out but I really don't see any for at least 9 months. With no money its hard to say much because all consultants and drill rigs are on stop work notice.
KMN Price at posting:
10.0¢ Sentiment: ST Sell Disclosure: Held
