in the cash flow statement, for the year, the company shows proceeds from borrowings of $1,036,000 (and repayments of $50,000). on this basis, one would expect borrowings of about $1m in the annual report - but no, borrowings are only $373,000 in the annual report. in the last quarterly, the year to date (which covered the period of the annual report)the figure for borrowings was $972,000, and repayments of borrowings were $581,000... maybe borrowings became trade payables!!!... anyway, the company starts the year, with a working capital deficit of about $800,000. since balance date, the company has raised about $720,000 - but would have incurred more expenditure.
the company mentioned that it will raise about $1.5m - so that will be another 200m shares - which will increase the number of shares on issue, to about 800m.
the report mentions... "Hopefully the combined resources will be sufficient for a small stand alone project; alternatively the Company will reconsider the custom milling options at the nearby mills (the sbm mill is probably the only viable option), and investigate any opportunities to consolidate other gold projects in the area (probably referring to some ore, that sxg has in the area, but which would be too far to truck to their proposed mill at marda)".
GDA Price at posting:
0.9¢ Sentiment: Sell Disclosure: Not Held
