I spoke to the office yesterday and asked about the state of the company.
He indicated that the mcfaulds property is coming along well and that WSR was picking up 100% of the cost.
They have about 1.5m cash on hand
Angola is coming along well but no real news to report.
Current burn rate is about 150K per month.
I asked about the 10-1 split and why now. He siad its just asking for permission for UP TO a 10-1 split, nothing guarenteed at this point. I asked why with only 90M outstanding would you consider this. He indicated that at the current share price raising funding would be tough.
I also asked about the options outstanding, he siad they would have to be reduced as only 10% of the outstanding shares could be held for options.
I for one would not support a 10-1 reverse split. Its just too much with as little outstanding as they have. I could live with 2-1 but there is no way I am giving them carte blanche to go up to 10-1
I bought this stock at 35 cents and to see it where it is now is disgusting, to have them furthur dilute my investment with a reverse split is an insult.
I'll be bailing out of this if there is any sniff of the reverse split goes through
Storm
