Explor released their full year financial statements. What caught my eye was that at end of April the company's cash position was -62 204 CAD. They have a bank overdraft that allows the bank account to be 100 000 CAD in the red. After that they did close a private placement of 750 000 CAD on June 13.
I would assume they were pretty much out of cash at that moment. In general that is nothing uncommon for an exploration company.
They also burned through 4,4 million CAD in developing their assets, but some of that cost is related to raising extra capital and buying property. That also includes the drilling costs. The same number a year ago was 9,6 million. It is worth noting that a big chunk of that cost is buying additional claims.
The management discussion and analysis section included notes that further updates on Kidd, East Bay, Chester and TPW should be released later this year.
The discussion on financing was not that informing. Just a mention that capital has been raised through dilution and that other ways are being looked at as well. Nothing specific about what that could be means that we'll probably see further dilution coming sooner rather than later.
