Dayton Mining (DAY) on TSE & AMEX Message Board

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Gold/Mining/Energy : Dayton Mining (DAY) on TSE & AMEX

DAY 68.91

-0.1%

12:00 PM EST

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To: Robert Dirks who wrote (513)	5/2/1999 6:57:00 PM
From: baystock	Read Replies (1) of 568

<<The Company also proposes that, if the Conversion is approved, it will consolidate its Shares prior to the issuance of the Shares under the Conversion on the basis of one new Share (the ''New Shares'') for each ten pre-Consolidation Shares held (the ''Consolidation''). Following the completion of the Conversion, Dayton will have approximately 35 million shares outstanding, bank debt of US$5 million and a cash balance of approximately US$5 million.>> This company is no cheaper than many other Juniors that are out there in this depressed market for mining shares. A reverse split of 10 for 1 is in the works which is a very big negative. If they still had the $44 million total cash that their Yahoo profile shows then I would agree that DAY is very cheap. But I am shocked to discover that their net cash balance is now zero. It looks like this company somehow managed to piss away $44 million in cash in the last few months. Anyone know how this happened ? Until I understood how this happened I would not touch this company.

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