>>Does anyone know what sort of cash they have on hand to carry out this spring's activity. I see they were trying to place flow-throughs at 10 cents per share last fall. Did they get this done?<<
Good question, Rick the Vet!
So, I thought I'd ask the same of Marum president R.Boulay (wanting as accurate info as possible). -- Being the dedicate that he is, Mr. Boulay promptly responded with the following:
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Thanks for forwarding the question about the private placement and the company's financial status. Feel free to post this providing you attribute it to me.
[Done!]
The placement is effectively closed and we are awaiting final notice from the ASE before announcing it for the record. We raised $185,000, mainly from directors and company supporters. There were five placees. I took $49,000 worth and another director took $29,000. The money is pretty well spent on land acquisition, two field sampling programs, sample processing, laboratory work and corporate maintenance. The directors and insiders are committed to the company and are standing by to exercise warrants or participate in other private placements to keep the company healthy without causing excessive dilution in a market which is still depressed. Our strategy is to finance exploration by joint venturing on partial property packages, that is to joint venture a small portion of the project property in an arrangement where the joint venture partner shoulders the bulk of the exploration costs in order to earn an interest. We benefit directly from our 50% residual equity on the joint venture lands in the case of exploration success and associatively since we hold a 100% interest in directly adjoining lands which we hold back from the joint venture. Also, since the mobilization and infrastructure costs are in place we can perform work on our 100% held land very economically.
Regards, Rick Boulay
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There ya go, an honest and forthcoming reply.
cheers,
-j
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