Not really worth arguing about but here is the extract, Jantimot note the third line down where it states as of 31 DECEMBER
b) Going Concern Consideration The financial statements have been prepared on a going concern basis which contemplates the realisation of assets and the satisfaction of liabilities in the normal course of business. As at 31 December 2012, the Company had cash of $9.6m, a net current liabilities position of $3.9m; and had a net cash outflow of $2.4m for the half year ended on that date. The Company’s main project Wonawinta is still in a commissioning phase and the company is not yet generating enough cash flows to sustain its operations. The going concern basis of preparation is dependent upon the successful commissioning of Wonawinta and progression to a commercial production phase in the second half of FY 2013. Should additional funding be required, the Company may renegotiate the repayment schedule of the existing financing facilities or raise additional equity. While there are inherent uncertainties in implementing these plans, the directors believe the Company will be successful in implementing its plans and will be able to fund operating commitments and settle obligations as they fall due for a period beyond 12 months from the date of this report
The report is dated on every note page with the following Cobar Consolidated Resources Limited Notes to the consolidated financial statements 31 December 2012
CCU Price at posting:
30.1¢ Sentiment: None Disclosure: Held
