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From the annual report, Canuc has 90% of 633 mineral rights purchased, remaining 10% of of rights to be purchased quickly, ( within 9 mos. verses two+ years)financed out treasury. Is that 9 months from Dec. 31st/96 ? or shareholders meeting in June ? Someone say that about nine landholders outstanding with Canuc, & saving the toughtest to the last. (Of Course !!) Annual report also say " plan for acquiring all of the Naambija project by second quarter of 1998, the Company estimated it will require financing of $7-9 million during this period." These funds are expected to come from the exercise of warrants and other equity financing. ie June 1998, Placer Dome agreement would provide U.S.$ 5 million to Canuc. Also have private placement $ 2,350,000 & 'retained earnings' of $ 2,790,000. The "above other equity financings" will depend on its exploration results, the prices of metals, and favourable financial markets ! Interest rates are low, & so is the current stock price. Wish they would of got some more equity financing earlier when stock price was above $ 4. They raised in 1996 $ 11,085,000 from special warrants & $314,000 exercise of options. Nova Beaucage [they now own] also raised $ 3.9 million for the the Ecuadorean project. We need gold to recover in 1998. Some say gold will bottom in mid-Dec ? then much higher ? Currency crisis(s) are spreading to Hong Kong & several other new Asian counties today according to CNBC; which might help gold ? |
