"Following an extensive internal and external assessment of the Company and its subsidiaries, the Board and interim CEO have identified issues relating to liquidity and the ability of the Company and its subsidiaries, including Sangdong Mining Corp., to meet various payables beyond the next few months"
Means they will go bancrupt if they don't get money very very soon
It does????What are"various payables"?I suggest more DD before concluding that when such requirements not being met,leads to bankruptcy.
"The Board and interim CEO recognize the seriousness of these issues, including the potential ability to advance its key Sangdong Tungsten Project located in South Korea in the manner and timing anticipated in earlier corporate communications"
The CEO even tells you how serious this is. Can't get any more bleak than that.
Of course it is serious,but again,this doesn't lead to bankruptcy.Anytime financing is needed,and has not been acquired,it is serious!
"The current Board review also investigated, with the assistance of Dundee Corporation, the technical aspects of the Sangdong Tungsten Project and identified considerable additional test work necessary to bring the project to commercial preparedness. This will require additional funding to complete. Meanwhile, a full complement of staff and employees remain on site at the Sangdong Tungsten Project planning further technical work and assessment"
Means there will be more delays, it will take even more funding than previously assumed.
This is referring to becoming 43-101 compliant,which anyone who has knowledge of how mining companies operate,would have already expected this to be any issue,since the company was not in compliance,but that is old news to some investors.See WOF website
AI
