the company has no money, at the end of december, the cash...

the company has no money, at the end of december, the cash position was about $35,000 - but there was $500,000 in liabilities.. the company had another $95,000 as an asset - which was a deposit for mineral tenements.

since dec31, director fees must be accumulating, as do costs for company admin etc. admin is provided by a company, associated with a director. the $500,000 in liabilities, as at dec 31, is growing all the time.

the company has just raised $120,000 - which is probably needed to pay for the costs of the impending issue - but if the company is going to raise about $800,000 - as previously indicated, then a $800,000 capital raising, will go a long way towards paying outstanding director fees, and admin costs - and leave not much, for anything else - which means another capital raising (mmmm - the company is supposed to get about $300,000 as another payment from the iron prospect) .

the prospectus issue will have to be at 0.1c, with a freebie option at the same price (ie on the same terms as the present capital raising) .

one way or the other, this company will be kept alive. the question on everybody's lips will be "what will be the next consolidation ratio????"