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And survival of the company. Doesn’t sound good but might afford protection
To realise full value of asset for creditors and shareholders.
Implication? Sounds like this is gone, our money is gone!
Another African based company and this will be my last.
Appointment of administrators
Leboam has until 21 February 2019 to submit its answering affidavit, or business plan going forward following the meeting of the creditors of Leboam. The matter will thus be set down for hearing on 28 February 2019 for the Court to determine if Leboam be discharged from Provisional Judicial Management or make any other order it deems fit. Further to its announcement of 18 December 2018, the Company shall transfer its Provisional Liquidation application to the Gaborone High Court to be heard as one on 28 February 2019.
Anyone with half a buisness brain...would know how to resolve this and take the company forward
Anyone that is except MARK JONES and co
I don't understand why they didn't just do a placing to raise cash. They currently have 352 mil shares.
There are some small cap companies with loads more than this, with no real assets etc.
Id rather heavy dilution and get something back rather than losing it all.
https://energynews.us/digests/electric-vehicles-drive-demand-for-copper-mining/
Thank you for the info :) we’ll see what happens I guess
https://smallcaps.com.au/sandfire-targets-african-foray-mod-resources-takeover-offer/
Link for the post below
I can understand that we might not have news - everything happened just before Christmas, first weeks of Jan are quiet and the credit market isn't ideal to say the least, likely not helped by the operational backstory. That said, there are buyers in the market "Australian copper producer Sandfire Resources has confirmed it has approached Botswana explorer MOD Resources about a potential takeover." 21 Jan 2019 (Mining Journal)Funding validated by an independent provisional liquidator would be win for all parties, a sale at a decent price (not £1) perhaps an alternative exit (shame, as has been the story, not to yield the full potential here though).
Hoping for an update by now.
Chaps, is that the date when we find out if our investment is either on-going or defunct?
Copper is down almost 20% from 2018 highs, however forecasts are good for copper in 2019 and hopefully it will start sustained upward movement now..
Kevin's big stake in this gives me glimmer of hope..lets see
Anyone got anything from BOD's/Management in last few weeks?
What other choice do we have.
Short term pain long-term gain.
Good news is copper is on the up, and will be
in high demand.
Copper needed for electric cars.
https://www.miningglobal.com/sustainability/global-copper-demand-rise-2019
Copper prices will play big role for viable business plan going forward. Trade war, slowing China economy and Brexit uncertainty are some of the key issues that are holding copper prices down and also affecting investments in mining/EV industry at the moment.
If copper prices moves towards 2018 highs soon then the game is on i reckon. Fingers crossed.
I believe finance will be sorted, my concern is at what price, if they are using share issue then institutions will be looking at investing at around 30% below the Bid price, collapsing the price further!
I dont know in what direction we are going...our great messiah Van Keow...for me leans on the side of devious
you can only imagine what him and his side kick...MARK JONES...are planning for themselves next
as i previously said INDIA and CHINA are the people to have on board....their need of copper is immence
our pitifull board need to wake up and wise up before its to late
FFS mushty....... give it a rest m8........ you obviously haven't been following this saga.
How much is needed ?
Should not be a problem to raise funds as copper,
is on the up.
Every one knows copper price will rise
Every one knows world demand is on the increase.
Every one knows the obvious potential of this share....except the board of directors were stuck with
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https://www.ft.com/content/89245498-0507-11e9-9d01-cd4d49afbbe3
Erik Prince to launch fund focused on electric car battery metals
Blackwater founder to capitalise on the scramble for once niche metals across Africa
Erik Prince said the new fund would target unexplored deposits that could be brought into production and then sold to larger mining companies © EPA
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Henry Sanderson JANUARY 1, 2019 48
Erik Prince, the founder of private security company Blackwater, is launching a fund to capitalise on the scramble for battery metals across Africa and Asia, as the world’s largest carmakers gear up to go electric.
Mr Prince, a campaign adviser to president Donald Trump and brother of US education secretary Betsy DeVos, aims to raise up to $500m to invest in the supply of metals such as cobalt, copper and lithium that are needed for batteries.
“For all the talk of our virtual world, the innovation, you can’t build those vehicles without minerals that come from generally weird, hard-to-access places,” Mr Prince told the Financial Times.
Miners are pouring billions of dollars into developing deposits of the niche metals that will be increasingly needed for the global car industry to switch to electric cars.
One of the largest investors has been China, with Chinese companies buying stakes in deposits in the Democratic Republic of Congo and in Chile this year. Mr Prince also runs a Hong Kong-listed security and logistics company that is backed by China’s state-owned Citic Group.
Mr Prince said the new fund would target unexplored deposits that could be brought into production and then sold to larger mining companies. It will look to sell its investments after four to five years, Mr Prince said.
“ Chinese companies are not necessarily interested in the very upstream exploration,” he said. “They want to buy something in production which leaves that gap for us.”
Over 60 per cent of the world’s cobalt supply comes from the DRC, one of the poorest countries in the world. Chinese companies including Citic, Jinchuan Group and China Molybdenum are some of the largest investors in the African country.
Mr Prince, who wrote an opinion piece about Libya for the FT in 2017, made his name as a private military contractor in Iraq and Afghanistan with Blackwater, an operation that was eventually targeted by lawsuits and connected to civilian deaths in Baghdad in 2007. He sold the company in 2010.
Recom
We could do with some
https://www.ft.com/content/89245498-0507-11e9-9d01-cd4d49afbbe3
Interesting reading mushty...With the growing demand for copper any mining consortium would get the chinese or indian consortiums on board...they are the big boys in copper demand...sadly we have a management group who cant see beyond their next pay check....MARK JONES and fellow directors clearly need a crash course in sucsessfull buisness management