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rose0531

good opportunity gold investment

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As at September 30, 2019, the Company had working capital of $1.4 million, which included cash and cash equivalents of $7.0 million. The cash balance reflects the completion of a non-brokered private placement in July 2019 for net proceeds of $4.5 million. Overall current assets decreased from December 31, 2018 due to a lower inventory balance, particularly of gold-in-circuit, and lower HST receivable due to the timing of payables. Trade and other payables were down from year-end, primarily due to the ongoing payments of invoices relating to the underground bulk sample at Goldboro. Current taxes payable relate to Newfoundland mining taxes and reflect the estimated amount payable based on the first nine months of 2019. The increase in other current liabilities reflects the flow-through premium recognized as part of the non-brokered financing completed in July 2019, which included $2.6 million of flow-through financing.

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