Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Potnak - completely agree. If nothing comes it’s time for action, NG has already either breached or been very close on “using all reasonable commercial efforts to maintain progress of the clinical plan”.....never mind him not paying and trying to renegotiate the milestones.
Come on CPF/sixth element sort this situation out and give us a proper update.
GLA
RMM. I may be completely wrong but I think they will announce the trial and milestones payments for 737. Once the money is in from this latest round of fundraising. If they don't, without a good reason. Then I'm with you. Time for CRT to step in. This is the cutting them slack bit.
RMM-an extremely pragmatic summary of where we are/aren't depending on how you view it.
I suspect a typical AIM situation-the BoD fully aware of the present iceberg/Titanic situation and making hay while they can despite the fact the sun ain't shining.
Getting into bed with Sierra might have seemed a good idea at the time but I suspect Tim and his chum didn't realise that the Agreement was far from watertight but that in turn poses the question why didn't their "advisors" warn them accordingly?
£100k pa on NED's is particularly galling and I hope that at the AGM they get a five star roasting, particularly the useless Parker.
No doubt they are all hoping that the AGM's close proximity to Christmas will ensure a small turnout of shareholders so that they can have an easy ride.
RMM - totally agree with your sentiments. The AGM will be very bloody if there isn’t tangible news which improves SP. The appointment of a Chairman who is fully committed, tightly focussed, energetic and vocal in pursuing Sareum’s best interests would be a good start.
An ideal opportunity for CPF to clarify/conclude the position with Sierra and update the SAR BoD. They (SAR) then have a month to agree what they are going to tell us at the AGM, maybe even release an RNS on the outcome. One thing is for sure and that is that if we hear nothing then we can assume NG has stuffed us. Sierra now have the funds to see Mome, 737 and 141 through to the next stages. If they aren't prepared to move ahead on 737 then I for one will be very suspicious as to what they are really up to and I doubt it will be in our interest. Much has been said about CPF's ability to run the negotiations but lets be honest, Sierra haven't paid up and there's nothing concrete being said (by CPF or SAR) to say they will pay up in the near future. Sierra have made it quite clear they want to renegotiate the milestones and they've proven with Gilead that they are quite capable of doing this. I doubt very much that CPF want 737 back and I strongly suspect that a deal has already been cut between CPF and Sierra. We're now close to the position we were in a year ago with SAR sitting on information they can't or won't release, the need for cash starting to loom and a SP that's been badly beaten up and going nowhere due to lack of commercial news. Looking at the FT's financials on SAR, Tim and John cost £234k each pa to keep in position plus another £100k+ for the NEDS. That's just under £600k on people costs alone for a company now worth £10m, with no income stream and 15 years of jam tomorrow. The science may be great, the stars might be aligned etc etc but without commercial nouse its all pointless. 4 weeks to get your act together SAR and prove you have it in you. GLA and all the above in my grumpy opinion.
Hi Happy - I’m sure NG will be locked into a meeting with the CPF. I’m sure, as you say, they will want to know in detail his strategy to get the SRA737 clinical plan back on track. He will have to be totally convincing otherwise he may risk losing the compound and to boot, his credibility in the industry.
I’m hoping the CPF don’t accept any reduction in milestones or delayed payment dates. If anything the renegotiated milestones should increase based on current data and a potential de risking of SRA737.
If he does meet, it would be nice (if SAR’s PR department are reading) to have some update on all these shenanigans NG has been playing with????
GLA