"The guys I taked to at Sandstorm recently said there is no shortage of money to see Metanor get on its feet, they see metanor as a partner and asked Metanor at the time if they wanted more when Metanor last did debt financing. Metanor thought what they had was enough, turns out Metanor needed just a little more, but the point is Metanor has enough to meet obligations without issues"
On September 30, 2012, the Company had a negative working capital of $5,704,958 compared to a negative working capital of $7,785,423 on June 30, 2012. Since then they raised $2.6 million from flow-through. Producton in November was 1,715 OZ of gold, production in December was 1,718 ounces of gold. This means their cash position is getting worse by the month. They are losing money right now and the FACTS are production isn't increasing yet! Also remember:
"In addition, Metanor announces that an agreement was reached with Ressource Québec (a subsidiary of Investissement Québec) whereby Metanor will begin the repayment of the capital owed on the loan February 28, 2013 ( please refer to the press release issued April 19, 2012 for details of the loan), three months later then what was provided for"
A financing is coming.....all the signs point to it! The facts in the last news releases, The Northern Miner article and the infomercial that was released today all but guarantee more dilution is on the way. Or you can believe MTO management that within the next month everything will turn around and they will be self financing!
For the record I sold the other day when I saw the lousy producton numbers and will get back in when their financial situation improves!