5,000,000 more warrants @ $.30 (Jul 15th transaction date, Jul 19th filed date)
That`s $2.0 million in total now (injected recently).
Cash to help us bridge the gap, as we expected would be both required and supported by Finskiy. Good to see that Finskiy is following through with the support. I think the cash injection is likely going towards positive initiatives. Per the Union Securities document, Century was attempting to pay down a decent chunk of the Accounts Payables at the end of June. Century will likely carry an A/P balance of $8 million in Current Liabilities on an ongoing basis (regardless of cash balance in bank) - there are normally no interest/fee payments maid on A/P amounts if the invoices are paid within the allowable windows (and not in outstanding buckets). Keeping an A/P balance on the books is very typical of most companies. The A/P balance carried is normally based on the size of the company and monthly positive cash flow of the company and perhaps the balance is also based on the size of the Accounts Receivables balance (i.e. a larger mining company may carry, say, $20 million in A/P at any given time). The A/P and the A/R amounts normally cancel themselves from a working capital perspective.
In addition, the Finskiy cash injection is likely also going towards early development work being done with the initiative of drifting over to the North Wall zone (likely via the Bedard Dyke portal).
4 comments:
6.66M more shares in Finsky's possession.
So what percentage of the company does he own now? Is he over 50% yet?
That's a figure that might have some importance....
Finskiy and Scola, upon full exercise of all options, warrants, and shareholdings, control 44.1% of the outstanding shares. I cannot make out any Sedar filings where additional warrants or shares have been purchased by insiders. Kirkland & Gravity together control, fully exercised, 170,497,759 shares. But I may be missing something, as this is all from Jan 4 this year forward, and I may have missed something.
Chillby, you haven`t missed anything. No new warrants or new outstanding shares have been issued since then, other than a relatively minor issuance as debt payment to MRI (which has nothing to do with Finskiy and Scola). The SEDI filings do not show them purchasing any new shares on the open market either, thus the numbers you have are still the numbers.
Among the things I missed, things I missed...are something I missed...! Nothing like writing when you're tired! Have a great day!
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