London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Interesting, I've got their additional spending average per month since suspension at $388k.
So, the latest fundraising should last until sometime inJune, if they continue to spend at the same rate above operational cash flow.
We won’t, if we are still waiting for accounts when the next ones are due then the company will almost certainly have been struck off.
Needs closure, soon.
Unless its part of a mattress JC lol.
At this rate we will be due the next set of accounts. Lets hope they have been working on those too lol
If you are sitting on a coiled spring it can be very uncomfortable.
ATB
Apron, we have a reasonable handle on the likelihood of the audited results as the gold production / sales is already published.
The high-grade material was mostly used up by the end of June to inflate the production figures.
It's the interims July to December that will contain the most worrying figures and RM knows this, so he has to come up with something to counter the pending bad news.
Let's see what happens.
@Bebeto I just hope GCAT pull their collective finger out and get this resolved. Having gold at ATH and this share suspended is just bonkers
ATB APR
I said all along they wouldn't get the prospectus without publishing the accounts and it looks like the FCA has now included the interims.
I made contact with the FCA months ago and yesterday's RNS confirmed what they said to me.
'To finalize the prospectus will require the publication of the audited accounts of the Company for the year ended 30 June 2023 and the unaudited interim results for the six months ended 31 December 2023'
And this is the only positive I take away as a shareholder at the moment, the fact someone is aware of what is going on and willing to lend them a substantial amount of cash, especially as the shares cannot be issued until the accounts and prospectus is issued .
Sadly , none of really know what's going on until we get another update .
First step is for them to get back on the market, we can then all make the relevant decision in whether to sell up or stick around .
Didn't realise the payments started yesterday as interactive investor's news content didn't give that detail.
But it's shocking that £46,800 (6%) is being handed to a NED's firm for the introduction of the investors and saying WE Shareholders think it's fair per the RNS.
How really 'dirty' is the BOD of this company, I guess we'll find out in time, but the Prospectus and A/Cs have to be finished by the 5th receipt of £156k in Apr2024 anyway.
Well they have to complete the Prospectus for the FCA and before that have to complete, publish and file the A/Cs both before these extra dilutive shares and options are issued !! So stop dithering Robbie and get them finished before Caracal has no money or gold left !!
Well this should keep the lights on whilst the resolve the massively overdue accounts to end Jun-23 and interims to end Dec-23 plus resolve the Prospectus with the FCA. It is beyond me how someone is willing to invest £780k with the shares suspended or indeed how that is possible as the prospectus is outstanding so (theoretically) shares cannot be issued or traded ... but I am glad they did as heavy dilution is much more preferable than GCAT going bust and Pis losing 100%.
ATB APR
xxxxxxxx
The Company has raised £780,000 by way of a Subscription ("Subscription"), through the issue of 260,000,000 new Ordinary Shares of £0.001 in the Company ("Subscription Shares") at a price of £0.003 per Subscription Share.
The funds of the subscription will be paid in five equal instalments of £156,000 and the Company will issue 260,000,000 new Ordinary Shares upon completion of the final instalment
The subscribers from the Subscription will be issued with one warrant ("Warrants") for every new Subscription Share subscribed for, with an exercise price of £0.0042 per Warrant. The Warrants will expire in three years from Admission of the Subscription Shares to trading.
The funds will be used for working capital by the Company and its subsidiaries.
Just another example of management bleeding the companies finances while they likely also steal gold from the smelting room. Probably just talking to paid bulletin board posters from China anyway.......
Company continues to be saddled with debt, dilution and warrants. Nowhere near the type of financing that has been promised. Just have to hope this is part of some coherent plan, rather than just emergency reactionary financing!
Hundred percent agree with this, no one is lending money unless they are convinced they will received their funds back.
As all have said, it's time they need to show progress and where the money is spent , get the share back listed as a priority
The raise is not conducive of the company selling much gold, currently.
They look like they're in financial difficulties, hopefully they will weather the storm or at least get relisted.
It's standard practice to pay a small premium as it covers the costs associated with the issue of warrants.
This is getting farcical .... surely no one can dispute they have had more than enough time to get the audit done and the share suspension lifted .... Operationally something must be happening ??? They were supposedly producing gold. At least let us know what the paln is for the raise in terms of attempting to get a positive cash flow .
My only hope is that the fact finance is being injected means someone with more knowledge than us on the BB knows there is a route to get the gold out of the ground
Shocking management to date of a possibly decent resource . V Frustrated . Rant Over :)
I tend to agree Magoo. They just need to get the bloody accounts out !!
Another payday loan. But if someone is willing to pay in return for some shares at 0.3p it means that they managed to persuade the funder that they'll get their money back. Frustrating but I read this as a positive sign
RNS, still raising funds of the last resort.
Gold price is only relevant when they make a sale. At best a dozen times a year but doubtful much has been sold since last June. There was nothing in the most recent update to suggest any gold has been sold recently either.
The Minopex expansion plan, estimates after upgraded plant, production of 1,365 oz per month.
Still some way to go with variable revenues in the mean time. Another cash generating company Bidstack recently went under, so it's still a threat HERE. IMO
At least, is being positive for GCAT. Currently just tipping $2200/oz. GLA, Dan
Relisting can't be far away now, this tax year surely lol
Paul Reeves now working as the CFO for Kodal Minerals, so that's where he went. Dan
open cast mining continued in pit 3b with a total of 11,400 tonnes mined at an average grade of 1.82 g/t gold (au) with a strip ratio of ore to waste of 2.7 to 1;
· the carbon in leach (cil) plant was recommissioned after the mill relining in january. feed into the cil circuit was 7,350 tonnes for the month of february at an average feed grade of 1.71 g/t. the gold recovered totalled 9,077 grams with a large portion of gold remaining in the process to build required process inventory;
· various recommissioning challenges faced and solved included power outages from the grid supply and stress testing of the feed rate which resulted in misplaced grits reporting into the cil circuit;
· pre-screening of the co**** ore fraction out of the feed improved the grade to the milling/cil plant with the oversize material used as feed to the heap leach plant, thereby progressively improving ongoing flow sheet optimisation.