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Gold/Mining/Energy : Altair Nanotechnologies -- Ignore unavailable to you. Want to Upgrade?

To: Rajiv who wrote (497)	9/23/1998 12:37:00 AM
From: Kailash	Read Replies (2) \| Respond to of 603

Hi Rajiv - What do you make of Michael's discovery (https://www.siliconinvestor.com/readmsg.aspx?msgid=5815326) that Altair states in its annual report the company has "leased the mineral rights to a large titanium and zircon mineral deposit," while press releases say they own the Camden property 100%? What are the legal peculiarities of the ownership of mineral rights? I'm starting to feel this company is not going to make millions after all. If they are, they'd better get going quickly, before they run out of money. Aren't they left with just four million after buying back the convertible? Heck, they're at least testing now, but what's it going to cost them to start production? Seriously. They don't have the money for it. Here's from the quarterly report to show the burn rate: Liquidity and Capital Resources The Company has financed its operations since inception primarily by the issuance of equity securities (Common Shares, convertible debentures, and options and warrants to purchase Common Shares) with aggregate net proceeds of $19,056,117 as of June 30, 1998. The Company received cash proceeds of $113,664 from the exercise of options to acquire Common Shares during the first six months of 1998. The Company has earned no revenues and has incurred recurring losses. At December 31, 1997 the Company's accumulated deficit was $6,303,879. The deficit increased by $1,222,057 to $7,525,936 during the first six months of 1998 due primarily to operating losses and costs associated with the issuance of the convertible debentures. The Company currently maintains working capital which management believes will be sufficient for the Company's needs through the end of the 1998 fiscal year; however, there can be no assurance that the Company will be able to continue to raise capital to fund the Company's long-term capital requirements. At June 30, 1998, the Company had $7,069,601 in cash and short-term investments available to meet its near-term development and operating needs. In addition, the Company has an option to sell up to $5,000,000 of additional convertible debentures. The Company continues to use its working capital to invest in the testing and development of the Altair Centrifugal Jig (the "CJ") and to invest in mineral properties suitable for development and processing with the CJ. During the first six months of 1998, the Company invested $295,859 in its Camden, Tennessee mineral property and made investments for exploration of additional mineral properties and patents.