Doubloon,
given their 10Q statement (Oct 17, 2011) (quote) : "...The Abitibi report on the IP Survey recommends a total of 11 drillholes (or 600 m of drilling) to test the best targets. Wolverine will conduct this drill program during September-October of 2011 at an estimated cost of $170,000." ,
and that they raised $ 262,000 in PP money, I am curious why they need to raise another $ ~250K, when per the 10Q just released, they only spent < ~ $ 105 K on the drill program (4 holes out of 11) ??
If a company is cash-strapped, and every dollar counts, how can they spend the majority of the pot on "general & administrative" (see below)? And that for a financing team that has clearly paled in comparison to funding efforts at other junior miners (e.g. NBRI); - I have to agree with CEE-IT there : STRIKE 2 !
costs incurred in the 6 months preceding Nov 30, 2011 per the 10Q just released (http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8003086) :
COSTS
General and administrative costs: $ 187,847
Mineral exploration costs: $ 113,432 |
