hello boys long time no post gee this isnt looking to good ASIC asking some questions man these figures ASIC is asking them about sound very serious
product sales and income 0
Net cash 130k
Negative net operating cash flows of 401k for the quarter what is the story ?
How will they stay afloat at this rate?
sounds ominous
TIA
Dear Ahmed, Chameleon Mining NL (the Company) I refer to the Companys Quarterly Report in the form of Appendix 5B for the period ended 31 March 2010, released to ASX Limited ("ASX") on 30 April 2010 (the Appendix 5B). ASX notes that the Company has reported the following. 1. Receipts from product sales and related debtors of $0. 2. Negative net operating cash flows for the quarter of $401,000. 3. Cash at end of quarter of $130,000. In light of the information contained in the Appendix 5B please respond to each of the following questions. 1. It is possible to conclude on the basis of the information provided that if the Company were to continue to expend cash at the rate for the quarter indicated by the Appendix 5B, taking into account future administration costs, the Company may not have sufficient cash to fund its activities. Is this the case, or are there other factors that should be taken into account in assessing the Companys position? 2. Does the Company expect that in the future it will have negative operating cash flows similar to that reported in the Appendix 5B for the quarter and, if so, what steps has it taken to ensure that it has sufficient funds in order to continue its operations at that rate? 3. What steps has the Company taken, or what steps does it propose to take, to enable it to continue to meet its business objectives? 4. Can the Company confirm that it is in compliance with the listing rules, and in particular, listing rule 3.1? ASX Markets Supervision Pty Ltd ABN 26 087 780 489 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215 Telephone 61 2 9227 0390 Facsimile 61 2 9241 7620 www.asx.com.au
CHM Price at posting:
8.0¢ Sentiment: None Disclosure: Held
