Penniless Wavenet vows to continue with gold exploration
Gold minnow Wavenet International has absolutely no money in the bank.
Zip. Zero. Zilch.
Wavenet (ASX:WAL), which is on the hunt for gold in the Eastern Goldfields of Western Australia, released its December quarter report late Wednesday which showed $0 cash and no loan facilities.
The company also noted $0 for estimated cash outflows for the March quarter of this year.
But the report outlined Wavenet’s plans to continue exploration efforts at the Kurnalpi project East of Kalgoorlie.
Up to 40 drill holes are planned, along with mapping and surface sampling, Wavenet told investors.
Executive Chairman Mike Stroud is the largest shareholder of Wavenet with a 48.54 per cent stake.
Wavenet requested a voluntary suspension back in October “pending the announcement about a change of activities”.
The company expected to make an announcement by Christmas, but has yet to reveal its plans. Wavenet shares last traded at 0.6c in mid-September, giving it a market cap of just $1 million.
Stockhead was unable to reach Mr Stroud for comment.