Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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PS At pace. :-)
Afty x
Sorry I didn't reply yesterday, had a party to go to..it was just a comment supposing the 100% ownership was already settled. So now we've scraped together a bit of cash were just waiting again for that Court decision...which no doubt will affect our ability to get more investment...and hoping the BODs are getting on with it.
Lb, I feel your statement about being ‘fooled’ into parting with our money again is incorrect. I’m sure we are all aware of the risk involved. We know how serious this situation is and Bowie hasn’t buttered us up, that’s for sure.
Quite the opposite.
Lb, lol, Billy Smart. Yes, we do seem to have had a few organ grinder’s monkeys working for us. Maybe still have.
Not great is it Pocko? Admin costs are ridiculously high, so they need to shrink, and, maybe, as you mention, mothball Vardar and then see also how Finland goes. The latter has been an excruciatingly slow project, in spite of the efforts of Rasmus. I do like him though. He’s probably as frustrated as we are with the money thrown into Vardar and not directed his way, in addition to the Government funding for Bat Circle.
We should be hearing from the Court soon. Two years is plenty long enough.
It is not in the interests of Bowie and his pals to complete anything. Simply kicking the can further and further down the road allows them to speak endlessly of 'progress' , 'exciting prospects', 'aims', 'ambitions', 'plans', 'expectations' blah blah blah.
It's all cobblers. An EIA or completed PFS is of no use to this two bit outfit.
All they want is a cushy, well paid position in a company which dupes investors with empty promises.
I am amazed anyone has been fooled into parting with money for the umpteenth time, when the value continues to fall.
Billy Smart would do a better job.
Vardar has been an issue for me for some time, particularly as Budge disclosed that Vardar was essentially about generating news for investors given the malaise in respect of Kallak at that particular time.
And why spend money on exploration, when the business would be years away from applying for an exploration permit and we simply can't afford the investment. It needs to be mothballed.
And I suppose the wording of today's RNS reflects a new reality. Either way, it only funds the company for maximum of 12-months given the cash burn of the last year
Pocko, evening. Well spotted. It’s a change from the definite to the indefinite, before and then after the fundraise. We need a positive outcome on the Sami Court Appeal or we could be totally knackered. I’m not sure why any money, all things considered, would still be handed to Vardar for further exploration, considering it’s an unnecessary spend.
Anyway, we are still afloat and the plans may be similar if not the same, albeit, “completion”, we now don’t know if this is still meant.
It’s bothersome.
Ahhh, well that's certainly a change. Maybe extra funding will be required, which is why they explicitly mention attracting interest to fund at asset and corporate level. He wants to wait because he doesn't want to give the company away cheaply (apparently) though hard to tell really. The company may have no option with the lack of interest at retail level.
Anyone spot the subtle difference...
16th February
The main purpose of the Rights Issue will be to finance the continued development of Kallak, including completion of the ongoing Pre-Feasibility Study ("PFS") and environmental studies in preparation for the Environmental Impact Assessment ("EIA") and subsequent application for the environmental permit for Kallak, and the completion of the ongoing PFS and EIA for the GAMP.
3rd April
The main purpose of the Capital Raise is to finance the continued development of the Kallak Iron Ore Project ("Kallak") and the Graphite Anode Materials Plant ("GAMP"), advancing the Pre-feasibility Studies ("PFSs") and Environmental Impact Assessments ("EIAs") for both. Net proceeds from the Capital Raise will also be used to repay the SEK 10 million bridge loan financing, fund the advancement of Vardar Minerals and for general corporate and working capital purposes. The Company will continue to explore funding opportunities at both asset and corporate levels.
"Advancing" or "completion"? I know which I'd prefer.
Perhaps if they played with a straight bat, the fundraise might have been more successful?
Sooz, I take your point, but was referring really to ensuring that we have 100% ownership, by settling with the necessary shareholders to bump up the percentage.
Eric. Don't think the licences have been renewed yet at Vardar, last time it took ages if I remember correctly; it's a very good thing we've now got a Kosovan on the Board. Glad that fundraising's over and we can look forward to some exciting stuff.
Royaaaal with cheeeeeeez
We only know that we are afloat still and that’s what matters. The budget is stricter than hoped for, but maybe that’s also a good thing. I’m hoping we can ditch Vardar, if we’ve sorted out the admin issues and gained the 100% ownership. Not sure whether we have yet.
Morning Eric. Yes, on we go, often we underestimate how good enough is, don't we. Enough is as good as a feast. 😊
Morning Suzy. Best of luck to us.
Yes, well, enough to get the enviro permit submitted and that's the most important thing. The Appeal is still pending and that will change everything. Well done everyone who managed to throw in a bit.
Yes, because of the underwriting we are ok. Still have the Sami Appeal hanging over us while trying to raise this money. This has been mentioned previously, but couldn’t we have held off with the raise until after that? No, because we still don’t have a firm date for when that verdict will come, only a loose timescale, after waiting for more than two years now since the concession was granted.
It’s all a bit unsavoury really.
Though I do agree it is a poor uptake from retail investors.. and who can blame them. good job they had the underwriting commitments.
Going bust... lol. It still has £4 million enough to complete the PFS and submit an enviro permit. Alot will change after that, and hopefully the state of the junior market.
Considering the discount.. That is not good at all.
Going bust :(
Gross proceeds from the primary bid offer was £0.29 million. Dreadful.
Cash raise could have been worse. Sort of medium.
IMO
Hi Wots. Yep, I did buy a few under the Offer in the end, on the last night before it expired. What I could afford, but I wanted the cash to go to BEM. We need it.
Good luck to you, and to us all.
Roller..not a huge fan of hummus tbh. I prefer baba ganoush.