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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.
Still like too see how this works out, followed it 4 years, in and out few times, must concern grovesnor this issue, wonder now if they will call it a day and pull out of any deal now.
Thought you'd sold out. Why the comments?
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.
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