I think you're confusing P & L with a Balance Sheet but point taken.
That said, if there are all these other creditors - what for? They own and operate their own fleet and mill/plant.
Consumables? They're not paying employees? Your logic doesn't stack up. Unsecured creditors would have no choice but to accept payment terms...
You draw a lot of long bows and none of us really has ANY idea that a rights issue is the "only choice".
I've worked in this space and on what is known I am surprised that CTL can't get a loan from a gold bank of streaming company or.....unless a lot of bad stuff has not been publicly disclosed.
That a decent months operations can generate circa $10m revenues and free cashflow (debts aside) of circa $2.5m a quarter would suggest otherwise to me.
Sure the ground conditions/shotcreting issue caused a delay and extra costs but nothing huge in the ongoing scheme of operations....and why fork out $300k odd on a machine if cashflow is tight?
That's either stupid or by design imo.
Why fork out big $$ on mine development, mill upgrades, mining fleet and tailings dams if you didn't strongly know that the mines had a long term future?
To then go and say oh, we need a massive capital raising, reeks. Simple fact. The other agenda proposition surfaces again?
Yes, the vibes in the QR ia positive - new sources of ore, record mill throughput....
As as D1326 has said, how many small to medium shareholders will take up their rights. He mentiomed he personally is looking at $55k - that's a big, big whack.
Not many folk have that much coin sitting idly - and why would you back Rogers further at this point in any event?
Ands Rogers and co know that.
Hard to see how a rights issue, as proposed, is in anyone's interests other than the major shareholders.....to me, it's a quasi privitisation.
(20min delay)
