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NFE.V - Northern Iron Corp.
Northern Iron Corp Due Diligence Report(NFE.V)
Price: $0.015 Shares Outstanding: 95,727,875 common shares (recent placement included) Insider Holdings: Just under 25% as per Current cash position should be around $1.5-1.6 million using quarterly cash burn and recent placement added Northern Iron Corp. (NFE.V) is a Canadian junior exploration company publicly traded on the Venture Exchange. The company is focused on developing high quality iron ore opportunities in the Red Lake Mining Division of Ontario, Canada in order to produce merchant Hot Briquetted Iron (HBI) for the export market. NFE Financials(Most Recent Out Ending June 30th 2014) Cash: $829,258 ($952,400 raised in December at $0.05c a share, 3 times the current price) Receivable: $84,785 Prepaid Expenses: $4,385 Deposits: $205,264 Intangible Assets: $145 Property and Equipment: $350,740 Exploration Assets: $9,573,315 Total Assets: $11,047,892 (Without PP funds) Liabilities/Debt: $59,270(All Payables) Quarterly cash burn: $188,313 for 3 months or $563,953 after 9 months. Roughly $200k per quarter Right now NFE has over $0.10c a share in assets and less than $60,000 in debt. It |
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