Every indicator is that the vast majority of CWRN'S operation has been financed by debt-not issuance of shares-except for incidentals such as permits,which were surprisingly inexpensive. This financing by debt was seemingly confirmed by the last PR which said CWRN's U.S. backers were willing to finance additional larger mines.
Given the low share price prevailing from July to September when CWRN might have financed some with shares,not much money could be raised that way. They probably doubled the float, maybe more to pay for incidentals. Besides,it wouldn't make a lot of sense to issue a large amount of shares(billions) when you knew you would be buying them back in a few months at a much higher price.
At any rate we know they plan on buying back 60% of the float as soon as practically possible on a ship by ship basis(PR)in combination with a substantial reduction of insider shares.
Even more important is Bullitts statement (in answer to a post) that the first shipment will more than pay off the debt.
The reason for all the games is CWRN'S imminent transition to substantial revenues-an extremely rare event with every type of group rushing to profit by ANY means.
I don't know of any penny stocks anywhere near this price range making over 10 million revenues /month as CWRN should once shipping starts. I doubt there are any under .50 with 5 million net profit/month,as we would expect once shipping starts.
News 
Market Data 
Discover 
