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Ben’s Creek: Further debt drawdown, credit card now maxxed out, when will the shares be suspended?

By Tom Winnifrith | Tuesday 26 March 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

On February 9 Ben’s Creek (BEN), already drowning in c$40 million of debt and liabilities, announced that it needed an emergency loan of $5 million from its 29.9% shareholder Avani just to keep the lights on. Five quickly became ten and today it was announced that the final $1.25 million of that enlarged facility had been drawn down. Ben’s now has c$50 million of debt and liabilities and still seems to be burning cash. But the Avani credit card is now maxxed out.
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