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Gold/Mining/Energy : Donner Minerals (DML.V)
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To: Buckey who wrote (6582)8/6/1998 4:25:00 PM
From: Elizabeth Andrews  Read Replies (1) of 11676
 
As at May 31 the company had working capital of $6.9 million. During the 1998 field season to may 31 they have spent $1.421 million on SVB. Presumably they have spent $3 million or so since then so the working cap position may be around $3 million. Results to date have not been encouraging. The first phase was budgeted at $9.2 million but that amount was never raised. The second phase is for an additional $5.6 million which is contingent on phase I results. It appears that only part of the money is in place to complete phase I and none of the money to do phase II is in place. The hiatus may be driven by this. The company may have to be very selective in its next targets as continued lack of success will mean financing will be difficult. All of the options and warrants outstanding are currently out of the money. As of May 31 Donner had 31,689,657 shares issued. Market cap is still $12.7 million.
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