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Gold/Mining/Energy : Ness Energy International
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To: K A Anderson who wrote (52)8/21/1999 10:53:00 PM
From: Q.  Read Replies (1) of 364
 
Assuming the well would cost at least $30 M to drill, where would Ness get the cash to pay for it?

The latest financial statement is the 10k, which shows assets of only $27,044, and liabilities that are considerably larger, so that the shareholders equity is more than a million dollars in the hole. That's not very promising for funding the drilling of a >$30 M hole.

The 10k makes the vague statement that Management plans to raise capital through the private placement of company stock and, eventually, through public offerings.

How successful will this be? This excerpt from the 10k suggests it isn't very promising:
On June 7, 1999, the Company successfully completed a private placement of 625,001 shares of stock and received proceeds of $281,250.
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