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The Company’s cash position as at 31 October 2020 was approximately £756,000. In the event that the Company raises funds in the Capital Raising in excess of the Minimum Net Proceeds, the allocation of capital will be dependent on the results of the workstreams that are funded in the table of expected expenditures above and the circumstances at the time e.g. if DRILLING IN KOSOVO delivers resource grade intercepts, which supports resource drilling, then additional funds will be allocated accordingly.
Why not e.g. If the Swedish Government flatly refuses give us the green light, then additional funds will be allocated accordingly.
i am talkng about the company. i recommend you do the same.
llbj never mind it won’t affect you will it ,and please stop talking about all of us, I am very happy as I’m sure the other shareholders are here,
I know about this surplus £3M+ but there is no detail relating to allocation in the Prospectus, or is there?
Not forgetting the total estimated costs and expenses of approx £1.2M based upon full take up.
I dare say many would have thought twice before committing to the 3 for 8 offer had they been in possession of this information.
What a shockingly unfocussed and moribund company this has become.
hideously expensive dilution for what? just to stay afloat?
Don't forget the £3.2m plus that remains for all of the other stuff. Kallak drilling? Kallak legal action?
The Company expects to utilise the Minimum Net Proceeds from the Capital Raising over the next 12 months as follows:
Percentage of Minimum £ Net Proceeds
Repayment of the Bridge Loan £1,100,000 39%
Vardar – drilling of exploration targets defined by 2020 geophysics £719,000 26%
Fennoscandian – Aitolampi scoping study, pilot plant/test mining studies £430,000 15%
Kallak – drillings,scoping/technical studies £204,000 7%
Working capital £363,000 13%
Total £2,816,000 100%
Why wasn't any money from the Capital Raising allocated to legal action re Kallak?
From December 22 there will be 172 Million shares shy of ONE BILLION.
Will the next Capital Raise (I am sure there will be one) include legal action against the Swedish Government over their failure to deliver? As KB has pointed in a previous RNS, the sp is more or less based on Kallak, yet only 7% proceeds of the fund raise will be allocated to Kallak as above.
Am I missing something?
it may be a British firm but more of it is owned by the Swedish shareholders.
and the charade that has taken place this last 8 years youd think the Swedish government is more akin to a corrupt African nation.
Its simply incomprehensible they are still no further along to decide!
Simple fact is they clearly dont want a British firm at the helm Sweden you stink
Could read that as a positive message. SP at odds with us in Sweden, now up over 5%.
Peter Eriksson, Minister for International Development Cooperation, resigns saying there will be a new government in January and he won't be a part of it.
He's a Green Party minister....
A very clear, concise letter - well done Kurt.Been in here since August 2010 - time moves on !
Yep ConnorBen, something will happen eventually.
He appears to have done very well. I'm pleased with Kurt's letter, and stating the history is important, because I doubt Baylan will have told anyone. The dodger. Allegedly. Lol.
Finally. Just wait and hope now.
G.L.A L.T.Hs
I see he was getting his degree when the Kallak SP hit the jackpot, a trainee/desk officer when BEM first applied and now he's deputy head of the division for Enterprise and Innovation.
Probably a good move to state the history to all and sundry, some of em probably haven't got a clue.
A good clear letter of the facts. 0.5% of the area nearest Kallak for herding. Herds usually 33kms away.
More waiting time a gain i suppose. Well done Kurt.
Sorry, I should have said Ministry of Enterprise and Innovation.
The letter is addressed it seems to the Deputy Head of Division for Business, Ministry of Innovation and Enterprise. This geyser:
https://www.linkedin.com/in/per-stagnell-95078563?originalSubdomain=se
The fact that, at this appallingly overdue point, UNESCO have been unnecessarily and embarrassingly got implicated in the swedes cheating is reprehensible.
Budge’s letter is fine and points out all the relevant bits and pieces which everyone already knows.
What matters more is what is in the letter from the Swedish government to UNESCO, if they have bothered to write one yet.
Their tack will be somewhat different from Budge’s.
More along the lines of “ there’s a small foreign exploration company wanting to build a Nast iron mine close to Laponia. Let us know if you’re not keen. No rush. “
Additionally the communication between the swedes and UNESCO will not be made known to investors.
This is going absolutely nowhere. UNESCO is a huge bureaucracy, run under the auspices of the UN in New York. In my opinion, UNESCO will say nothing for a very long time and then pronounce that the decision on the mining license lies with the Swedish government as Kallak is well outside any area over which UNESCO has any jurisdiction.
By which time the next election will be with us and Baylan will be home free. You just know that’s how it will go.
3card, you may be right, but we also know that Baylan does not respond to Kurt's letters. He's had his chances.
Have read the letter and for a CEO alledgedly sitting on his backside doing nothing, I thought it was a pretty good effort.lol.
Unless of course it was Buster who wrote it on his behalf.
3 card the only problem with buster is he breathes ! The filter button is a very good friend where he is concerned ,
Buster , only problem with your logic is that we are not a mining company as regards Kallak. We are an exploration company which has a longstanding overdue application to be a miner.
Eric
Not sure it was a good idea to completely bypass Baylan with the letter.
This gives the government an excuse to add a few extra weeks to the process while they slooowly send a copy to Baylan via reindeer post and slooowly await a response from him via the same postal method.