That's exactly the problem Eric......they can fundraise at this level....
The nominal share issue value is 0.01 it's only when we're trading below that they can't raise funds by a issuing shares under a fund raise or placing ....how many shares at .01 would need to be issued to get any meaningful amount of spends :-(
My thinking ...... unless.there is a very good reason we're being kept in the dark (& I've seen nothing to make me think we are) I'm of the opinion we've been & are being given it large up the ring by successive CEO's.......
As has been said where's the JORC........ where's the 3D model...... where's the drilling......where's the plan......where's the money coming for any of it...... reminds me of TXO .....GULP!!!!! tell me Tim Baldwin's not in the frame here anywhere is he....cos that would definitely mean I'm out at the first opportunity....
Interesting Jib, thanks. They should have communicated that to shareholders though, as any cash saving is a positive. However, unless the accounts are just wrong somewhere, I can also see why they wouldn't want to acknowledge any pay cut for poor performance. They don't want us to officially know how crap they've been.
The sp is now dangerously low. We can't fundraise at these levels. Bird must make the effort to do something, or I feel it's curtains.
BoD - For what they have achieved in the last year they should be paying us - I cannot believe the lack of inactivity - the current market for junior gold miners is booming - look at Keras/AAU/NMG - they are doing things - they have projects being developed - ORE needs the same. Surely it is possible to spend a few 100k to get part of Mutsk explored to JORC standards and start digging the gold out in an open cast mine - Birdy said there were shallow deposits - get a bit of interest and place to get funds to start mining on a larger scale. If they cannot do this get another small mine that is run down and needs expertise - they can run a mine can't they? - Gold is $1320 - it's going to go up massively - there are opportunities FFS!
Bang bang! C'mon Jibber no offence but even if you include the Company Secretary the average wage is c £50k, I wouldn't say no to that for sitting on my arse all day doing sweet FA. They may have taken a cut but given their performance even if they are doing it for free their still well over paid!.
I will hold my hands up if I wrong, but when the administration figures were released in May for the year ending December 2015 they were lower than expected. Even if you remove Anthony Venus's wage and included Birdys. So I think "don't shoot ", that someone or all of the BOD have taken a pay cut and just not communicated it.
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