I have to admit, I'm a bit surprised in the positive reaction above. As much as I don't want to be diluted by another cap raising, it would have been preferable to going into more debt. At the current cash burn rate, the whole $6m will be gone before the end of the next quarter and we'll be left with the interest repayments.
CCE now have two incomplete projects, both with project finance debt against them which will crimp any net revenue when they do finally start operating. Running a sustained loss with increasing debt levels is a company in trouble. I don't think this is good news.
And to add insult to injury, they reconfirmed they are still installing cabling and grid connection for GIMG, same point they were at last update on 24th January.
I have to admit, I'm a bit surprised in the positive reaction...
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