Did anyone read under notes number 2c, Going Concerns. Interesting reading. Ongoing operations to me means salaries and that is total BS. I would suggest any serious investor write or call Greg Bowles. Are we just going to keep diluting to put more cash in the bank for salaries. The On Going concern statements were very negative. All these studies are great but lets get some grapite out of the ground and until then mgmt should be showing loyalty with reduced salaries, there will be plenty of time for rewards when we are all making money.
I think the two principals at the company are on a reduced salary rate and getting 150k per guy. To raise 100+ mm after completing all the other work this year which included BFS,MCP, engineering contracts, metallurgical testing, and debt deal with CAT I am fine with that salary base.
The SG&A cost over the last 12 months has come down from $803 in 4th qtr 2012 to $302 in 3rd qtr 2013 a drop of 62%. With over $4 million in cash on hand and negotiations ongoing to the financing of the operations I am not inclined to change corporate salary. These guys have been doing the grunt work and we are waiting to the pay off.
I think financing always takes longer than expected and will take until Q2 2014 to shore up and get us to mid 2015 till we pull graphite. Did you notice in the presentation that the company is currently looking at long lead time equipment? I feel that this is a good sign that the financing deals are looking better than at the end of Q2? What do you think?
You think they are on a reduced salary or you know for sure? I think you are correct on not seeing graphite until 2015, if then. I don't think we will hear from Northern Graphite the remainder of 2013, they might be comfortable with a sit and wait posture?
I am fine with the salaries, and the cash burn rate. I am hoping for financing before Q2, but if it is before Q3, I am happy with that. It is important to get the best terms possible. If any graphite is pulled before 2016, I am fine with that.