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Gold/Mining/Energy : Dayton Mining (DAY) on TSE & AMEX -- Ignore unavailable to you. Want to Upgrade?

To: baystock who wrote (514)	5/2/1999 8:01:00 PM
From: Stymie	Read Replies (1) \| Respond to of 568

The $44 million at Sept 30/98 was in CDN$. At Sept 30, they had bank debt of CDN$33 million (classified as current debt - this is why their current ration was only 1.16 even though they had all that cash). Paying off the bank loan (CDN$25.5 principal repaid) and paying interest on the bank loan and convertible debentures were their big uses of $$. Their operations would use up some cash as well - I don't think these guys have ever reported a profit. The reverse split was rejected by shareholders at their special s/h meeting in March. They may try again at their AGM in June, but I doubt that they'd try it unless they had some kind of deal (merger, takeover, buyout) to announce. Easier to get shareholders to agree to the reverse split if you can give them good news too. Until gold prices improve or a deal is lined up, I don't think there is a reason to buy. I think Monday May 3 is the day that the debentures are redeemed and all the new shares are issued. Their o/s will be 351 million shares.