GAC - You sent me on quite a mission! I had to leave to an appointment right away yesterday so didn't get at this until this morning. For all those that might not want read all of this, the short answer to where the money went this last year is where I expected. When RVX received the $30 million loan, it had $121,000 cash and US$22.2 million of outstanding payables. Most of the money was already spoken for and that explains why RVX was going through a listing review. 

The long explanation now. We only have 9 month financials up to January 31/19 to work with so I will go through that. The burn rate as RVX would probably tell you has been US$3.10 million per month. That is US$2.55 mm to July 31/18; US$3.6 mm to Oct. 31/18 and US$3.1 mm to Jan. 31/19.I did hear DM say $3.5 mm once but I can't remember when. This burn rate will be operating costs and won't include financing costs but they are real. It is fine when you don't have debt. I will outline the financing below. All numbers are in millions of USD.

$   0.12   Cash at April 30/18

   30.00   Third Eye Loan

   (1.29)  Debt Issuance Costs for the Loan, includes $900,000 Commitment Fee 

   (0.51)  Financing Costs 

   35.36   Private Placement proceeds to Jan. 31/19.

   (0.43)  Share Issuance costs - TSX fees, Computershare, etc.

    0.23    Proceeds from stock options

    0.63    Proceeds from warrants

 (15.46)   Third Eye Loan partial repayment

   (1.58)   Interest & Fees

   (0.40)   Repay Promissory Note

   (0.49)   Cash used in investing activities

_______

$ 46.18 mm  This will give you an idea of how much is left for operations.

 (39.68)    Net cash used in operations

________

$  6.50 mm  Cash at January 31/19

  11.30        Proceeds from April 1/19 PP

 (18.60)       6 Months of possible Burn at $3.1mm/mo. from Jan.31 to July 31/19. You can play                         with this burn rate as you please but if you look at the cash used for operations for                         the first nine months, it was actually $4.41mm/mo.

  (0.70)      Interest for Jan. 31 to July 31/19.

  (0.60)      Loan Exit Fee

_________

($ 2.10 mm)

RVX expects to receive about US$6 million after making their Third Eye payment from the current PO from a minimum subscription and have to cover the $2 million deficit above so not much left. Of course you can tweak the burn rate as you wish but the company has already said that the PO would only cover them to July 31  so I don't think this is far off. I hope this helps to understand where the money went.

RVXoldtimer