OGX 0.00% 0.3¢ orinoco gold limited

Pete Sorry that's a poor analysis. They didnt raise 12 million...

  1. 198 Posts.
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    Pete

    Sorry that's a poor analysis.
    They didnt raise 12 million at all. And the last report I read was they were still chasing a couple of million that hadn't been paid by an investor.
    It ended up being a lot less than 12 million.
    They are burning through 2.5-3 million a quarter east. Especially as they ramp up or try to. More mining costs more money. Ie equipment, parts repair, oh and 5 million for exploration.
    Without gold or to offset this and the 20 percent tax they have to pay each quarter it's a loss. All loss. Chewing straight into their cash reserves.

    My rough guess of the 12 million 5 to exploration, gives them 2 quarters only. They had about 2-3 mill at the time of cr but also have had floods and repairs and I dont see any gold mined apart from 100 oz for 7 days back in may or some time frame like that.
    I have said I think there is more spruiling going on again by management on twitter. They are starting to increase news to drive a positive drum beat.. they did the same in jan and Feb. And look out I think they are trying to do it again to raise more money through a cr.

    The share has dropped from 13.5 cents to 6.8 c this year. Late last year it was 2 c and on verge of collapse.
    Mkt has spoken. They trusted new management. Mkt has realised new management haven't delivered bigger all. Sucked in some new investors for the 12 million cr and boy they must be unhappy to find out a few weeks later the status of mine was not what they were told... and then down she goes....dropping 50 percent in 5-6 months.

    That's not down ramping. Thats what it is. Sp says so. Anyone saying this is downramping tell me what the sp was at start of year and what to is now and how much of a fall that is. Its simple math really. I am actually super super surprised given no updates last 3 months of any substance this hasn't dropped to about 4 cents... if mgmt continue to not disclose or update holders it's just a matter of time before people say see you later because most people have been burnt by dodgy ceos and directors more than once in their trading history.
 
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