In this post dated August 12th we noted the problems Constitution Mining (CMIN.ob) was having in raising the capital it needs to get out of its very sticky financial hole. At that time, the BSsers at CMIN has only managed to get U$1.72m of its planned U$8.125m raising covered, which is a long way short of the goal and doesn’t even cover its present working capital deficit, let alone get on board the cash it needs to close the silly deal with silly Seabridge.
So let’s see how CMIN.ob has got on in the month since that last post, according to today’s SEC filing:
Oh Dear. Oh very very dear. Another month gone by in its desperate campaign to raise enough cash to stay afloat and a paltry U$1.96m totalled. In other words, CMIN has only managed to raise another U$235,693 these last four weeks and still has U$6.17m left to cover. Once again evidence is mounting that this smoke’n’mirrors operation has run out of suckers to bilk.
And how much of a problem is this lack of cash at CMIN? Well let’s check the assets as at 2q10:
Nearly all CMIN’s asset ‘value’ (term used loosely) is in mining properties and is of dubious worth at that. Meanwhile, useful cash is still at a bare minimum. But it gets worse when you check out the debt position as reported last quarter. Oh lookie! A sudden spurt in liabilities!
So here’s the working capital, showing the difference between current assets and current liabilities:
As you see, the cash raised means it’s still underwater. Time’s running out, Stocker….as is your share price. Mind you, it hasn’t stopped CMIN from awarding stock based compensation of nearly $2m to its insiders during the first half of 2010. Scamsters iz what scamsters duz, y’see. DYODD, dude.