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alternative ways to finance the Acquisition and refurbishment of the plant; this is where discounted placing comes into use, shareholders too would be able participate quite clear grovesnor money if comes will be nearer when smelter is near too completion, if it comes, align have offer 5 million at 1.25p but appears ironveld not want go down that route rather go way of cheap shares being offered. Personally I'm not convinced grovesnor will come up with finance, align I feel in dark with what's going on so called this meeting, again can not see how can over throw G C and M E and put there own guys in.
Really mess here quite clearly we're going try get cheap placing away and hopefully grovesnor would follow in with there funding later, align will find hard get rid of G C and M E, quite clearly something not right here, can see this again dragging on 4 long time b4 any outcome.
equity fundraising of up to £5.0 million at a price up to 1.25p; offered by align, Any1 put 4ward a reason why this deal not excepted, must be better than placing that was going too happen well below penny ironveld suggesting now that could now put delay on purchase of smelter, M E quite clearly either has been led astray with this grovesnor deal or has not been truthfull, in both parties interest too come agreement, if share price starts plumiting feel may put halt on trading untill further notice.
Hazard a guess ironveld were going to get placing away at was as low as. . 8 of a penny to get smelter going, need sort quick or could put spanner in works get deal there really is bad show on management towards investors, but we all know G C only really interested in his self and cronies close, could back fire on him.
As the largest shareholder and purveyor of a positive stance on Ironveld through our Align platform and that has no doubt encouraged other investors to buy into the stock together with the multitude RNS statements you have released this last several months that you and the BoD own and must take responsibility for, to be part of a XXXXXX placing that in effect toasts existing shareholders (should it be voted through) is wrong and I and Align cannot and will not be part of this. This is doubly so the case given that I and my associates have offered capital to the company on much less onerous terms that would have avoided the capital raise you now propose.
In the first instance, the debt and warrant provision offered by us in December of last year would have provided you with the capital to secure the initial payment on the smelter and the most recent overtures we made that you dismissed ditto would have done the same but at the 1 pence level on the pure equity front. The debt and warrant attachment were extremely attractive too and we did not ask for any Board seats. You and your fellow Chairman Mr Clarke have been steadfast with both I and other parties of whom you are aware that you believe Grosvenor will ultimately come up with the funds (in contrast to my belief given extensive experience of business in SA and how people operate there). For this reason alone, your continued tenure as CEO I posit is completely untenable aswell as Mr Clarke’s. Bluntly, you have run the company’s cash pot bare whilst holding onto your belief in Grosvenor and as a direct consequence of these actions, shareholders face a XXXXX XXXXXX raise.
You have also relayed to me that the smelter acquisition was the missing element ref Grosvenor securing the finance in SA from specific institutions and that the time urgency on the “exclusivity” period s the initial £750k purchase cost of the smelter. This does not necessitate the raising of the full £5m sum IF you still believe Grosvenor will fund, rather that this sum and some supplementary working capital be raised. In the alternate, if you now believe that Grosvenor will not ultimately deliver hence the £5m raise, big questions need to be asked of your DD on these people and why you have allowed this charade to continue for over, incredibly, a year now. These decisions have consequences that we are all feeling now.
Further, you had informed me that a large mining house had committed “some” millions towards the Grosvenor £5m commitment. If this remains so why are these funds not being drawn as opposed to the raise? Many of your and Mr Clarke’s statements to me raise more questions that answers. As an aside, if during the last 12 months you and your fellow BoD members have been accruing (let alone taking) salary during this debacle this will speak volumes to me personally ref your “alignment” (excuse the pun) with shareholders.
I reserve the right to publish this email in full at the appropriate time should you pr
Applaud the action, but why aren’t other local companies such as SLP(who are mega cash rich) buying us at say 1p if we have such a great resource and opportunity. Nothing seems to stack up or be quite what it seems at IRON. Will hold and see how it turns out
Yes 1p is good imho. What Align are suggesting, imo, by stating "For the record, we reiterate our preparedness once again to hold our corner in a raise north of 1 pence" i.e. they would participate and support a funding at over 1p. I assume the BOD rejected their offer and are looking to fund at a lower price which would dilute share holder value and that is why Align are upset. It will be interesting to see if we do have a funding, if the current BOD attain more share at a much lower price than Align's offer.....
I rarely post on the forums, but I think this has been long overdue. I got burnt but Giles Clarke with Amerisur a few years back and this seems to be similar tactics, keep diluting whilst they don't put their money in to push this forward. Surely these people can raise £5m themselves..... Been a very long painful investment which one way or another needs to be resolved. I think Align are 100% correct in releasing this statement.
Although I am very dubious about Align Research's intentions, I commend them for taking this action. There are too many AIM companies making statements & then taking forever to follow them through. Align also have a a stake in Ascent Resources where nothing has progressed under a new Board & I'm hoping similar action will occur there.
Long overdue to tbh. Its been 9 months since the October 22 RNS that G going to finance the project.
They either can't get the funding or squeezing the BoD for more. The money involved is really peanuts in the mining world. I'm shocked how a project with such potential is in this situation - Zero Progression, talk, and eventual diluation.