Well, they're still working at it.
I was glad to see the various credit facilities still "in play" (including the $8.5m pre-approval for VM and conv debt payoff). Also glad they alluded to exploring the possibly renegotiating terms with Montecito for VM.
Noticed they sold the MI 2% override royalty for $.5M
Not sure where that $ might be going/have gone but at least it's 1/2 a'mill coming IN, and it confirms that MI flow is officially worth something. Bit of a bummer we still need to pay for our working interest in MI (feels like we've already paid thru the nose for that one) but as stated in so many words in the Q, MI gives the company a fighting chance. Per the Q, MI revenues put us in the range of sustainability and can be used as leverage. Something I dare say we wouldn't have had without Mason on board and MI production.
On balance, I'd say the Q's slightly more positive than the last. No big surprises. Things are still moving forward. I wouldn't expect to hear first news of new financing in a Q anyway.
Send PM's to molecularcd. It's a yahoo dot com address.
