re: Ann: Kansas - Pratt No. 1 Well - Good Oil...
Issued capital $32mil. current market cap $21mil. Original float at 40c, means a 75% loss on original capital. Clearly shareholders have lost money under this management.
The reference to Peter Power was due to another company he was recently chairman of that destroyed shareholder wealth continually under his watch.
Now while I think the original assets and bussiness model were good the company has failed to produce cash flow to self fund the company. If the company proceeds to raise capital the company has locked in the current shareprice. If you beleive the assets are only worth the current price then all well and good, if you beleive the assets are worth more then the company is in effect selling your shares for you at the discounted price. "To develop the Tonkawa asset Ive talked about and look at exploration up in Kansas, we need to spend somewhere between $12 million and $15 million next year in capital expenditure."
How much are they going to raise and at what price??? Bearing in mind that large capital raisings normally involve a significant discount to get them away.
Kinferrous........" 2) Lack of marketing. The team need to kick some behind and get the story out. Hopefully, the TSX will be an avenue for this. "
Surely you would want them to do this before they dilute the heck out of your holding in the assets.
I just get the feeling the board are going to push on regardless of the effect on shareholders!! Cheers
AOK Price at posting:
11.0¢ Sentiment: None Disclosure: Not Held
