There's really not enough information right now to be able to explain much. Going over the last 10Q, I see requirements for about $5,000,000 in funding. Over $3,160,000 of that is due to the Silver Wing Mine. In addition, they were planning to map the mine and determine what to do for drainage and whether a discharge permit would be required. Another $470,000 is due on 6/1 on a note for the mill. There was also $343k in accounts payable outstanding on 11/30/12. The question is how much of this requirement can be differed or addressed with some creative financing.
We've been focused entirely on opening the mill and haven't taken into account the fact that the mines would also need to be funded and developed and prior bills need to be paid. We just have to wait and see what if any funding Guyer has been able to arrange. Most penny stocks at this stage might resort to a pump and dump IR group. I think it's encouraging that we haven't seen that from CGFI.
The last convertible notes referenced on the 10q were issued on 12/13/2013 for $85,000 and were able to be converted immediately. I think what we're seeing lately are newly issued non-restricted convertible shares.
