Actually your report of PRB having only 2 million is in error:
As one can see there are clearly ample funds available with PRB to take on quite an extensive drilling program. In fact fuly exercised PRB would have about $10 million available without further dilution.
I don't think Dave Palmer is going to be caught underfunded again!
As of Jan 31 financial PRB had the following:
Assets
Current assets
Cash and cash equivalents (Note 8)
$ 4,047,256
$ 257,182
Sundry receivable and prepaid expenses
21,850
34,144
4,069,106
291,326
Subsequent to that they issued another PP:
9.
SUBSEQUENT EVENT
On February 7, 2008, the Company closed a non-brokered private placement financing with the
MineralFields Group consisting of the sale of 2,666,666 Flow-Through Units at $0.75 per Unit for gross
proceeds of $2,000,000. Each Unit consisted of one flow-through common share and one-half of one
common share purchase warrant. Each whole common share purchase warrant entitles the holder to
acquire one common share for $1.50 until February 7, 2010 provided, however, that should Probe’s
shares close on the TSX Venture Exchange for a period of 20 consecutive trading days at a price of $2.00
per share or higher during the exercise period, the Company may accelerate the expiry time to 30
calendar days from the date express written notice is provided by the Company to the holder by way of
registered mail.
In addition to this if the share price were to increase there would potentially be another $4.5 million available from the forced exercise provision for the $1.50 wts plus the additional wts @ $1.00
5 .
CAPITAL STOCK (Continued)
(d)
Share Purchase Warrants
A summary of changes in share purchase warrants is as follows:
Weighted
Average
Number of Exercise
Warrants Price
Balance, April 30, 2007 4,159,721 $ 1.00
Granted (Note 5(b)) 2,333,500 1.00
Expired (4,159,721) 1.00
Balance, January 31, 2008 2,333,500 $ 1.00
