Monday, November 23, 2009

Ambre Energy in financial trouble?

Ambre Energy's Annual Report 2009 carries a warning from auditors Grant Thornton.

Here's an excerpt -

'In addition...the group has forecast that it may deplete its current cash reserves by June 2010. Sunsequent to year end, the company released an Information Memorandum to raise approximately $10million. At the date of this report, the company has raised approximately $2.6million..... and the directors believe that the balance up to $10million shall be received.

If this funding or alternative sources of capital are not able to be obtained, there exists significant uncertainty whether Ambre energy Limited and its controlled entities would be able to continue as a going concern....'

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