Fundamental Research Group(Editorial) reports on Andover Ventures (CVE:AOX) recent activities such as strengthening its management and technical team as well as raising $5.18 million.

Fundamental Research Group(Editorial) reports on Andover Ventures (TSXV:AOX) recent activities such as strengthening its management and technical team as well as raising $5.18 million.

The editorial is quoted as saying:

According to management, the company currently has about $1.20 million in cash. The company estimates CAPEX of $4 million in the next 12 months. In addition, the company will need to pay out the remaining $2 million plus interest (due to Genco) before September 2011. The company will have to seek external financings (equity or debt) to meet these expenses if sufficient funds are not raised from the exercise of the ‘in the money’ options/warrants.

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