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http://www.mining.com/global-copper-market-supplied-demand-rise-report/
Sort funding out we are on to a winner. EV technology is heavily reliant on copper, and copper demand for EVs is expected to increase from 185,000 tonnes in 2017, to 1.74 million tonnes in 2027.[3] EV manufacturing requires copper for multiple key components, such as batteries, motors, charging stations, and supporting infrastructures.
contact number for Kevin and Roy directs you to the company secretary. The company secretary are equally useless.
Yes .... Roy was brought in to raise the funds
That has been fairly obvious for some time ....
I also know from other investments he does often reply to emails
Roy seems to have taken Mark’s contact place. Roy is the deal maker.
hope this isn't only a case of him getting out quickly to remove himself from any liability/responsibility.
Notice Mark Jones NOT mentioned as a contact point for the first time ever. Significant??
I don't think you need have any concerns Sundayroast about Mowana getting into production within the next few months, as you say too much work done and too much to be gained for this not to happen. The question is who will it belong to when it does, I hope it's still we shareholders, I really do, but I am concerned. There is nothing which we can do for now other than trust in the BoD to look after our interests.
Fingers crossed they can sort financing.
So much spent and so close to nameplate production, it would be silly to let it go under for a few million quid.
Looks like they are no longer bullish. CRA is not in their top 10 picks of 2019. From my understanding, they had approx. £150k in this dog.
Hi Mushty, yeah there is definitely hope and at least we should have a good idea by the end of February how things are going to go, we might even get some idea how the situation is developing before then as it states that
Further announcements regarding the Company's progress on these matters will be made as and when appropriate.
The fact that they are in discussions with various existing and potential funders is promising in that existing funders want to protect their original investment as well as profit from further funding.
I see that even if on 28 February 2019 the Court determines that Leboam be discharged from the Provisional Judicial Management order, the Company shall transfer its Provisional Liquidation application to the Gaborone High Court to be heard as one on 28 February 2019.
So i take it that by that time the company would have a credible business plan but would just want a bit longer to get everything signed for hopefully a sustainable funding solution at the mine.
In the meantime it would be good to see the price of copper steadily increasing, the price is currently up 1.59% to $2.70 per lb.
Still some hope will be back trading.
Looks like we're doomed then Merry Christmas
My take is that it is highly unlikely that this will get funding. The whole thing sounds like the Nigerian Prince email scams. I highly doubt Fujax had all the funds in the first place. As I said they don't seem to be engaged in any other profitable undertakings. Mowana seems to be their big hope, and given that they have supposedly been giving it loans I suspect the tanks have run dry. Characters involved are more or less the same. Considering that they spent valuable resources both time and equipment processing top soil or oxides until the equipment was worn down, suggests some degree of incompetence. Now that they have fixed or refurbished the mine, they need just one more push (funding) and the riches will be unlocked. Classic con job. My guess is that those who have the kind of funding required will be asking themselves why should I put money in an entity that has failed twice before. Why should the third occasion be any different. The problem is either the quality of the mine itself or the persons involved. If it is the mine then even Santa cannot rectify this. If it is the persons then good luck getting rid of them. The former CEO is still lurking in the shadows somewhere and the current crop will not simply walk away from their "investment". The queue of those who have lent money secured against the mine is full and they do not want additions(hence why they are not willing to share their security with FUJAX) and will certainly not be amused with "queue jumpers". With so many other opportunities why would anyone be interested. Unfortunately the only way would be to again restructure the company to accommodate the new investor(s), completely wiping out the ordinary folk. Again this is only a point of view and welcome alternative realistic scenarios. What plausible steps are left to explore apart from tapping those already in misery.
They've got two months to secure funding. I'm not optimistic but there is still a glimmer of hope. Given the fact the plant has been repaired, this is an attractive proposition for any potential funder at this level, given the 'sweeteners' that may be added.
Give your money to top crooks, and this is what you get ….
Should be in there best interest to sort funding out Key Shareholders as at 11/10/2018 which hold more than 3% in the Company: Kevin van Wouw* 115,517,689 38.73% Hadron Capital LLP 22,839,456 7.66% IMF Independent Fund Management AG 13,718,803 4.60%
Odd how Fujax were prepared to lend even more money if the terms were the same as the original loan. When this couldn't be delivered they then wanted all their money back - even the money lent under the original terms. But they would have lent more under these terms, what changed? Maybe the CRA relationship with their other lenders was an eye-opener that made them rethink the whole thing.
Where is Roy Pitchford in all this? He performed really well at the EGM and kept things on track apparently, but has been very quiet since. I hope he is given the space to act and can sort something out. One solution could be a sale of Mowana to someone with deeper pockets and retain say 20% (maybe optimistic) interest. Then focus on Matala...
Not great but it's better than the worst case of total loss for current shareholders.
I bet they wouldn’t now with an extraordinary general meeting. They need to get there butts into gear big time though.
Have they got the headroom to issue many more new shares? The EGM refused to extend the issue allowance that the company requested.
raised will be used to pay outstanding salaries and other expenses, and not for working capital headroom. We will most likely be diluted by another 100mill shares. Hopefully, we can secure another debt funder. The debt funders will want warrants so, if funding is forthcoming, expect a gazillion shares in issue. Better than nothing.
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.
So thats a response to the hearing on the 18th. The previous RNS suggested there was another hearing on the 19th.
Can we assume that the hearing for the 19th is now no longer necessary
The Company has been notified that Fujax and Leboam's 40 per cent. shareholder have made a separate application to the Botswana High Court, to be heard today, 18 December 2018, for judgement to consider placing Leboam under judicial management and in the alternative, that is after the Court refuses to grant judicial management order, to place it under, provisional liquidation.
Q. Cradle Arc (AIM: CRA), the African focused base and precious metals exploration and production company, announces that the Company has made an application to the Botswana High Court for its 60 per cent. owned subsidiary, Leboam Holdings (Pty) Limited ("Leboam"), the holding company of the Mowana Copper Mine in Botswana ("Mowana" or the "Mine"), to be placed into provisional liquidation as parallel talks on an alternative funding arrangement continue. The application is set to be heard on Wednesday, 19 December 2018.
Or a bit of both
So do we think loans or a big dilution if they are to raise funds. I suppose anything better than Zero. The assets are tip top and the creditors know that so I’m open to both
Which we more or less knew. Creditors look like they want the lot because they know the value. Underhand if you ask me.