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Unfortunately,Swerves, this seems to be one of those shares with so so much potential, that even with its obvious, huge faults, it beguiles us into believing that there is always some hope.
With so much out there at present with so much positivity, this share’s jam tomorrow is so stale that, with that. I am out.
So c.£50k per week on admin costs and various expenses, or c.£200k monthly! It's even much more than I suspected. When I said to Longfell that I estimated the monthly burn to to be c.£100k per month, which looks now to be seriously underestimated, he said that when he spoke to Struthers he told him that their monthly costs were running at only £30k!
This is copy of Longfell's quote:
"Mike has stated that 30k is the burn rate at present and at the time of the placing they had enough for 7 or 8 months. Therefore there is more than enough for another 12 months."
And he meant per month! But even if he was mistaken for £30k per week, it would still be a long way off!
After all the expenses to be deducted from the £380k Placing, they were probably left with no more than £300k max.
So I'm just worried how long this money will last if the permit don't come?
I am frustrated like everyone else is here. But whilst I don't think the BOD are to blame for the permit delay, I do think they should have communicated things much better to their shareholders about what's going on!
Artyth, I just checked this now, you are absolutely right. But I am shocked what I found.
Kunzel is a major shareholder in Bluejay, owning 4.3% which is worth c.£3million at today's value, though he is not even a Director there now.
In Georgian Mining, where he is the Executive Director of Finance and remember he was even the CEO before, he owns the startling amount of 597,467 shares which is worth the tiddly amount of £9,858.
Is this not an eye opener? I wish I had studied this more better before I bought my shares in GEO. So why has he not put more of his own money into GEO whilst at the same time claiming the huge potential that his company GEO has? This part really annoys me.
As I mentioned before, I think there is something not right about this company and that I can't put my finger on it! When Longfell met Struthers as he says, why didn't he ask him this simple question: why are you and other members of the Executive Board not buying any shares in their company? I would have loved to hear the answer!
I still have most of my holding left, but undecided now whether it's worth holding onto or not.
I might be able to get my money back easily if I could get in on the McIllree: Kuenzel tag team action.
On 16 Feb 2017, Rod MciIlree , stated as non exec director of Geo, held 1.5 million shares.
Ditto. Greg Kuenzel, held 347,467. Since Nov 18. Now holds 597,467 shares in Geo.
On latest Board of Directors, McIllree is no longer listed. Not sure when he left.
Rod McIllree is CEO of Bluejay and as of 03 June Holds 94,677,778 shares in Bluejay.
Greg Kuenzel. As of 3 June 2019 holds a staggering 38.5 million shares in Bluejay. And only 1/2 million in his own Company.
Also if you look at past accounts , 2 companies where McIllree and Kuenzel are directors, are paid quite large sums annually for “ Consultancy” fees.
Skelper, I just had a look at that now. Hadn't realised that the Board and Management had reduced their shareholdings by that much. The value of their holdings now is only £52k, which is peanuts really!
So why the big reduction? This doesn't inspire confidence, and also the fact that they didn't buy in the recent low Placing (apart from 1 non exec Director with a tiddly £10k).
As I said before, I think the potential assets are great, but there seems to be something not right here which I can't put my finger on!
It says: "30 year mining licence and permitting are in place".
But no permit yet?
Nice looking presentation, even though it was 2 years ago!
But I don't see the bit that says:
"Today Georgian has gold above the copper that can be leached on JV partners leach pads for no capex to produce $15m pa cash flow"?
I don't believe the BOD are at fault for the delay here either.
But I am very concerned why they apparently don't want to buy any shares, or have they no confidence in this progressing any further?
Eric, I cannot find it. Can you tell me the date it was on, or give me a direct link to it please?
There's more to the delay than meets the eye, the letters may put us on the radar but the BOD are ultimately not to blame. I'm certain there as frustrated as us.. There pathetic buys are a slight concern but I'm still confident that in time this will come good.. blind faith as always lol. Gla lth's..
Company presentations 2017/8
Eric, where have you got this from?
Georgian has gold above the copper that can be leached on JV partners leach pads for no capex to produce $15m pa cash flow.
I would probably subscribe in a Placing, but it would depend a lot on how much funding they need and what the discounted price would be.
Would need another Placing then!
10p on permit award
Permit is issued. Fund a mine.
I fully understand why you might feel inclined to write to the government, but do you really think they are bothered about a tin pot set up like Geo. If the is issued it won't help, ( maybe a temporary blip to the so ) because Geo cannot find a mine, and the supposed jv won't happen. They would need probably £30 m minimum. Their way is to sucker in investors, take their money out the back door then move on to the next big thing that is again too good to be true.
Please can all shareholders email the Minister of Economy, Natela Turnava. She will also help to put pressure on Georgian Government if there is enough pressure on from GEO shareholders.
Here is an example of the kind of things people are writing to the PM of Georgia and also to Natela.
I am a large shareholder in Georgian Mining Corporation, a mining company listed on the London Stock Exchange and the only international public mining company active in Georgia. I’ve had many discussions with Mike Struthers,The CEO of Georgian Mining, who is frustrated by the delayed application for an extension to our exploration permit.
The company’s application has been endorsed by the National Agency for Mines (NAM), and two Ministers of Economy, but the company has not been provided with any explanation for the extreme delay. This has been ongoing since July 2018 and the value of Georgian Mining has dropped 90% as a result since. This is really disappointing from a company like Georgia, who is keen for International Investment.
We will soon have no option but to publicise the issue and the unnecessary delays, which is impacting on the attractiveness of Georgia as a destination for international investment in the mining sector.
We ask for your prompt attention to resolve our application and allow the company to push ahead with our plans to develop new projects in Georgia, for the benefit of all.
This is a matter of extreme importance and it is not portraying Georgia in a good way. Hopefully you can get this resolved as soon as possible.
The PM is in the US on business until next week.
If anyone has sent a letter to him or the Minister of Economy which i strongly suggest you do they are likely to reply in the coming weeks.
It's too easy to average down now. But if no permit that's it unfortunately!
yes I averaged down twice before realising I might be throwing my money away.
I hope for those who invested big here that they turn this around, long way from the 20p plus days and they were promising production shortly.
Its been a more jam tomorrow share until the jar got empty.
! RNS could change our fortunes, but its a long time coming.
The only positive I got recently is that one of the directors put some of his own cash in,, and before that they got a few at 6p, Not great amount and its hard not to be cynical here now.
Artyth, I thought I was buying in at a low price but would still be down c.50% in 2 months if I sold now!
Whilst I realise this is nowhere near as bad as some pi's on here, it's still a big drop in such a short time.
It's a shame that there seems to be a problem with this permit, because the assets do look great.
Swerves, you might be ok at these low levels. But I don’t think a lot of us will see our money back.
It’s a shame really, Geo had a lot going for it, but too secretive, and too much ground to make up.