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Microcap & Penny Stocks : Metalclad Corp. (MTLC) -- Ignore unavailable to you. Want to Upgrade?

To: JMM3388 who wrote (36)	1/21/1998 6:35:00 AM
From: john harris	Respond to of 87

<<When I asked about reserves of cash I was told Metal Clad has $2 million in the bank>> That's an odd number considering they had 1.2M of cash as of the last filing and have consistently had a significant negative operating cash flow. Did you pursue as to how their cash increased? Did they have a significant amount of stock options or warrants exercised? The warrants which once had exercise prices ranging from 1.50 to 5.00 per share were all re-priced at 1.50. Even at that low level I can't imagine that anyone exercised. I saw no other financing announcements during the quarter.