Barry,
I've been following ANO for 3-4 years now.... since they were .07/share, and before their rollback.
The fact they raised $11-$12 in '97 is impressive, however, I have to admit I have serious concerns about this Company's ability to build shareholder value. They had about $6Million in the bank the last time I looked..... until the release of their recent financials. As at April 30,98 they have about $650K in the bank, they've lost a million on the market, they've invested a couple of million in oil and gas properties, and they've put a couple more million into debentures (considering their $1Million loss playing the market, I have to wonder about the quality of these debentures). Check out the SEDAR site (www.sedar.com) for full details. IMO, this one is going nowhere fast. Shouldn't take them anytime at all to eat up the remaining $650K in G&A.... then what?
Regards,
John
Sorry about the formatting (numbers for '98 and '97), but here's the scoop on their latest unaudited financials (from the SEDAR site):
AMERICAN MANOR CORP.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE NINE MONTHS ENDED APRIL 30, 1998
1998
$ 1997
$
CASH WAS PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net administrative (518,275) (439,255)
Charges to income not involving cash:
Gain on sale of marketable securities (60,996) -
Amortization 2,436 943
Write down of mineral properties and deferred exploration - 183,323
Write down of marketable securities 460,000 -
(116,835) (254,989)
Changes in noncash working capital balances:
Decrease (increase) in accounts receivable 117,780 (7,405)
Increase in loans receivable (18,726) -
(Increase) in prepaid expenses and deposits - (57,013)
Increase (decrease) in accounts payable and accrued liabilities (69,174) 10,614
Increase (decrease) in advances from related parties (47,033) 164
(17,153) (53,640)
(133,988) (308,629)
FINANCING ACTIVITIES
Issuance of common shares for interest in mineral property - 16,563
Issuance of common shares for cash 20,650 11,182,916
Share issue costs - (1,099,242)
Issuance of special warrants for cash - 2,300,000
20,650 12,400,237
INVESTING ACTIVITIES
Acquisition of oil and gas properties (2,021,798) -
Deposits - (1,722,165)
Deposit on properties 601,883 -
Increase in deferred exploration expenditures (1,158,391) (688,412)
Investment in debentures (2,132,381) -
Purchase of capital assets (6,691) (7,522)
Acquisition of interest in mineral properties (15,334) (24,813)
Purchase of marketable securities (4,872,459) -
Proceeds on sale of marketable securities 3,851,142 -
(5,754,029) (2,442,912)
(Decrease) increase in cash (5,867,367) 9,648,696
Cash and short-term investments, beginning of period 6,517,986 107,359
Cash and short-term investments, end of period 650,619 9,756,055 |
