Let’s take a look at the numbers as posted on SEDAR.

When I look at the January 31 numbers I see the following;

Current assets; cash, securities, receivables etc. $27.77M

Current Liabilities including non arms length amounts of $4.00M

That leaves a net asset position of $23.77M

Note 11 shows a subsequent event re the PP of $6.70M (@$2.75 )

That gives a cash position at the beginning of the quarter Feb 2010 of $30.47M

It wouldn’t appear that there is any immediate need for this PP. The statement of cash flows indicates a burn rate of $6.19M in the 3 months ended January 31, 2010. With the blockade after January 31 what was the panic before the end of this year.

I will be writing JJ to ask her if I can buy the 2 shares they shorted me on the FWR deal for the $1.83. Lol.

I also note that they pi$$ed away $1.7M on the pitiful FWR attempt. Clearly the biggest mistake anyone could have made... was tendering our FWR. I notice NOT has an unrealized gain on securities of $1.4M in the 3 months (the CLF shares for sure).

Maybe Wes can get his friends to do another NUMA application.... just enter in the number of FWR shares you tendered and it will tell you how much you lost on the deal so far!

BB