The Green Organic Dutchman (OTCQX:TGODF) suffered yet another major blow when it announced that banks won't finance its construction. In our September article, we specifically highlighted the risks of falling cash balance and TGOD's cash burn. The company doesn't have much time, and it must find alternative financing sources fast to avoid disruption to construction. We think the alternative financing sources are likely more expensive and dilutive, which led to our cautious stance on TGOD until the situation clears up.
(All amounts in C$)
Oops!
To everyone's surprise, TGOD suddenly announced on