Tomorrow, Rogue Resources Inc Com (CVE:RRS), (CVE:GCR) stock will come to light on the TSX Venture Exchange for the first time.
Though, the new stock symbol will not be associated with a new star on the horizon of the mining companies’ securities.
At the beginning of the month, the shareholders of the former Golden Chalice Resources Inc. (CVE:GCR) voted for the consolidation of the company’s share capital. The consolidation is made on the basis of one (1) new common share for every existing nine (9) common shares.
In connection with that, the company changed its name to Rogue Resources Inc Com (CVE:RRS).
The former Golden Chalice Resources Inc., presented on its web site as a “Canadian junior on the move”, has been traded on the stock exchange since the last century, as the chart presents. Maybe, the decision to consolidate the share capital will now help investors believe that the new RRS stock is more valuable.
The latest financials of the company can rather only convince that even the capital consolidation will not be able to change the insufficient cash disposal, which may lead to liquidity problems.[BANNER]
At the end of July, the former GCR reports cash and equivalents of $487 K. At the same time, only for the last reported quarter, the company spent $218 K for its operations. In addition, as a junior company GCR is not generating revenues and plans to develop a long list of projects.
The future will show how investors will appreciate the former Golden Chalice Resources Inc. under a new name and a new stock symbol. Rogue Resources Inc. will begin trading under RRS tomorrow.
