Central Rand Gold Share Chat (CRND)

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Update from Investor Relations - I've forwarded the original email received tonight to those people that previously emailed for a copy of latest accounts etc - Makes grim reading I'm afraid. If anyone has any comments or suggestions please respond to crg.investor@outlook.com

Dear Paul,

We hope you are well and would like to update you about the situation of the Company.

We have tried to communicate to different stakeholders in South Africa to get a better understanding of the situation in relation to CRGSA. And many have suggested that obtaining the business rescue approval from the court will be impossible, and even if the court grant the business rescue application it will probably ask tens of millions of US dollar injection from the shareholders, as the plant is mostly stripped from the illegal miners even though the court has assigned security company, Volsec, to protect the plant. (Please note that Volsec is also the applicant who applied the liquidation of CRGSA). The major shareholder of the Company, Mr Wang, is unable to fund the capital injection from his own.

In a nutshell, it seems it is quite highly likely that CRGL will become a shell company in the foreseeable future. If that happens, Mr Wang is unwilling to inject further capital to keep CRGL. We would like to know, if CRGL becomes a shell company, do you think the rest of the shareholders are willing to inject capital (approximately 100,000 pound) to keep CRGL in a compliance status (e.g. remunerate resident agent) and acquire other projects (script deal most likely)? Or will you just suggest that we just close the company for good.

Redstone Capital is currently the largest debt holder (approximately USD10m) of the Company, they are willing to convert the debt into equity so the balance sheet looks healthier.

Both Redstone Capital and Mr Wang have injected approximately USD17m into this Company, and it is sad that it is highly likely that all shareholders will lose their investment. However, without further capital injection, the Company will facing striking off.

Thank you for taking time to read this long email and wish you all the best,

Investor Relation