Ann: Quarterly Activities and Cashflow Report , page-2

looks like SMD have more prospective areas than they have cash to explore....splitting into Northern & Southern Hubs interesting...i think the earn in commitments for some of the Southern Hub ground > SMD's current cash balance.

the new mgt team really do seem to have reinvigorated the direction of the company, and the ground looks very inviting. They do have $2m but it looks to me that more capital is needed. Wondering if they are going to restructure the earn in arrangements to help with cash flow, raise via a rights issue, shake the tin with the SIs or potentially even look at a spin out...

watching with real interest - again!

glta