igs top 20 list , page-7

Looked at the top 20.....They hold 65%.
Heavyweights on the list....Dempsey/CFE , Citycorp nominees , Pershing nominees , Macquarie Bank , HSBC nominees , AMB nominees , National nominees , JP Morgan nominees.
Names not to be sneezed at.
One Sub holder ( Anglo Pacific Group) sold recently at 0.001.
"Free" float 200m.
-----
The problem with IGS is lack of cash.....Last quarter they borrowed $500Ks (I assume from CFE)
It is holding some liquid assets that will not be monetized before 12 months.
It needs cash to survive & fund its share in Brazilian JV.
How will IGS survive for another year?
# Will it dilute in the JV for a free carry?
# Borrow more?
# Raise cash at very depressed prices?
30% of 700Ks oz jorc is well worth keeping....A reasonably well advanced asset.
The bad news is that IGS is priced as if it is going belly up.