I am of the opposite mind when it comes to consolidation. If this bunch consolidated now they would just start diluting all over again. For any LTH that's just moving the decimal point and further reducing. Bridy making statements of next year will be busy without a JV or financial support is just a stupid statement to make.
I'm hoping the wage bill is reduced further to conserve funds. No good though if the wages are cut then any bonuses/options are raised. Bonuses for what would actually be my question.
Roll on next year now. See what happens. An idea that I'd like would be to consolidate and reduce the number of total shares, but for our woes, long-termers be given additional shares either before or after. That won't happen, but in an ideal world it would be a decent gesture from the BOD, who must be acutely aware that they have so far failed long-term shareholders miserably.
Agreed Eric, last year there was no work for 11 months of the year apart from a few grab samples at the end of the year. They said that was to enable them to update the mine model and plan the activities for the forthcoming year. Then it took them 7 months to go back to the Asset and do something this year. During this time there has been multiple dilutions from 3,560,432,183 to 7,841,026,670 so about 120% approximately. For 1million GBP. Now they are say next year will be busy but all the cash has gone. Then must have attended Trump uni. It's gonna be good, great, the best. ..... but no real plans to get there or to pay for it.
The number of shares in issue is a real problem. A further cash call will be horrific unless Bird can generate some good news from somewhere. We can't afford to raise money at these levels. Simple as that.
This is just a vehicle for wages in my view. In any 12 month period there simply isn't enough activity on the project. I know weather dictates for a few months, but they never appear raring to go and work only lasts a matter of weeks.
With the Mutsk area still undefined, without cash, Bird and Slowey could well just tick this over until it dies. The undefined area is somewhat convenient if you look at it from a certain viewpoint.
I would like Bird to really market this now and secure a JV. If the deposit is so promising, he must surely be failing if he can't bring in a partner. Question is, will he bother? We have to hope so, because there currently is no shareholder value whatsoever being generated. There never has, to date.
Colin Bird commented in the last RNS " We expect that 2017 will be a very busy and productive year." However without a JV or Finance next year will not be active at all. Given the SP the already massive dilution and the heavy discounts this really has nowhere to go. No investor who has done their homework would invest in this without a JV or financial arrangements in place to cover the cost of the drilling next year. The last lot of investor has seen their heavy discount amount to nothing and the 0.0249 ers have lost 38% of their investment in only a few days. That said, reasonable results and sill open ended. With a JV or finance in place this share would be a different story.
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