whitesands_8, do you know the status of the "two demonstration plants from the manufacturer that will be placed on the Company's Lunguya property" which were to "be used as exploratory tools to evaluate surface gravels and the plants' effectiveness for potential clients of the manufacturer"?
Are these the same two that the $4.8 Million Private Placement with Two European Investment Funds last Nov 5, 2010 was earmarked to purchase?
Or perhaps the two that the $15 Million Private Placement was earmarked to purchase?
Will the Amended and Restated MD&A For Period Ended May 31, 2011 clarify this issue?
The Company has issued common shares during the nine month period ended May 31, 2011 in the amount of $15,865,000. Of the capital raised, over 50% is utilized for property acquisition, exploration, capital equipment purchases and general operating expenses in Tanzania as previously disclosed and as tabulated below. The remaining capital raised was invested in interest bearing investments, which are readily available.
C$ (000) Cash available September 1, 2010 1,326 Financing (net of share issue costs) 15,865 Total funds raised 17,191 Equipment purchases (787) Mineral property expenditures including licenses, environmental and exploration (6,105) Funds remaining from financing 10,299 General corporate expenses (2,819) Funds Available May 31, 2011 7,480