As of March 31, 2006, the Company had cash-on-hand of $2,650,353, a working capital deficit of $3,373,457 and an accumulated deficit of $41,731,265. The improved cash position and working capital at March 31, 2006, is a direct result of the Company completing a convertible debenture debt facility on March 21, 2006.
The Company has received verbal, non-binding expressions of interest for a larger project financing once the Company becomes compliant in the filing of its financial statements and its stock resumes trading on the Over the Counter Bulletin Board. The Company is continuing discussions with secured creditors concerning restructuring of debt and believes such restructuring may be possible in conjunction with a major project financing if such financing can be arranged.
Net Income (1,596) (7,810) (4,248) Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares ($1,596) ($7,810) ($4,248)
Outstanding Shares: 63,111,700 as of 2005-12-20
Estimated Market Cap: Not Available Authorized Shares: 100,000,000 as of 2005-09-30 Float: 55,000,000 as of 2005-09-30 Number of Shareholders of Record: 890 as of 2005-12-28
Now that I've shown how far in the hole they are.......
When asked about the Mica mine..."Our preference would be to keep the mine, to get it properly financed and to produce and sell the mica and by-product feldspathic sand ourselves. Although that is our preference, we also would be willing to consider a joint venture, in which the incoming partner would contribute the funding required to achieve full production, in return for a partial share in the project. So far we have spent around $16 million on the mica project and are looking for an additional $5 million. The project is expected to produce a significant cash flow. In general we would like to see the company and its shareholders benefit from the cash flow."
Keeping this on radar for a dip back to .85 area IMO this should start seeing some good action. Obviously need to reduce debt.