What a difference a week makes. On Friday July 26, sandstone play ChongHerr Investments (ASX: CDH) rose 333 per cent despite having no news.

But last Friday afternoon the ASX inquired into its finances when it estimated outflows of $160,000 this quarter but it only had $56,000.

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The company said it will be able to fund its operations in the interim with its major shareholder agreeing to provide unsecured loans if necessary.

But it had three further reasons why it did not expect negative cash flows to continue. First, it was negotiating with unnamed companies it had partnered with before.

Second, it was seeking to sell one of its quarries and was currently talking to potential buyers.

Third, sandstone traditionally sells more in the second half of the year – hence sales should pick up.

“CDH expects to continue its operations and meet its objectives based on the strong networks of business and good relationship with its business partners,” said CEO Densen Liu.

The company owns three mining leases in Queensland’s Lockyer Valley. The company says its product, “is renowned for its strength, durability, texture and its broad range of colours”.

The company has been unchanged since its quadrupling last month.


In other ASX corporate news today…

Anatara Life Sciences (ASX: ANR) wants to treat diarrhoea in piglets (commonly called ‘scour’), but are looking for a business partner. This morning the company released an update to shareholders on its activities stating the obvious – that it can’t do it alone and needs more money.

“We continue to believe in the value of Anatara’s animal health assets, however it is clear further investment is required to realise this,” CEO Steve Lydeamore said. “It is our intent to achieve success through partnering with multi-national animal health companies.”

While its Detach oral drench has been approved for sale in Australia, it is searching for an animal health partner to commercialise it. It also wants to develop Detech in other species.
Medlab (ASX: MDC) has signed a heads of agreement to enter the US and envisages launching there by the end of the year. The company signed a deal with American Nutritional Corp which has large manufacturing capabilities and clients Medlab believe it can tap into.

“Having access to clients of this calibre and being able to tap into their supply chains is very exciting,” said CEO Sean Hall. “It is our patents, research and strong clinical capabilities that makes us attractive.”
Reva Medical (ASX: RVA) have borrowed another $1.2 million to “keep the lights on”. It told shareholders this morning discussions are ongoing about a broader restructure. It said it anticipates this to occur by October 31.