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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Zeev Hed who wrote (31803)4/26/1998 11:44:00 AM
From: Larry Brubaker  Read Replies (3) of 35569
 
Zeev: I think you are too optimistic about IPM <VBG> You said, "IPMCF has a burn rate, and at some point t (BRxt=cash on hand), the money spent will exceed their cash on hand."

The "at some point" has already come. Their last quarterly report indicated a $2.2 million working capital deficit. At 25 cents per share, assuming no premium to the new investors (unlikely), they would have to issue 9 million shares just to pay off their deficit. And that just gets them out of the hole. Say they need another $2 million to operate the company for another year (I assume Bateman, labs, and their employees would like to be paid for their efforts). Then you've got another 9 million shares. (By the way, getting by on $2 million for a year would mean IPM cuts its burn rate by more than half, so less "progress" in return for all of the dillution).

Now you've just about doubled the amount of shares outstanding just to keep this thing going (with much less money to spend) for another year.
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