International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Bill Jackson who wrote (30705)	2/26/1998 10:49:00 AM
From: Larry Brubaker	Read Replies (2) of 35569

Bill: IPM's short term debts as of Sept. 30 (not including the debt to Phoenix/Omega) were greater than their cash plus the $1.25 million of new financing received in December. But they also had over $2 million (at cost) of investments in NMCI and MGAU. Those investments are now worth substantially less than they were in September, but I would guess the price declines in NMCI and MGAU were at least partially explained by IPM selling to pay the bills. We are now 5 months past September, and I'm sure they've spent some money since September, but it is hard to imagine there is much money available to pay staff, office rent, lawyers to fight the proposed delisting, rent on equipment, let alone pay Bateman to investigate those 20-some new recovery processes, do any drilling, or anything that costs much money. It seems clear that if they don't get some more money soon, the game is over. Wonder when their next SEC financial statement comes out? It's been about 3 1/2 months.

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