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If they had offered it out to us shareholders we wouldn't have sold em as fast as Bergen did.
I suspect that's why options for additional funding are extremely limited, as no one wants to throw more good money after bad. Hence, why they were forced to use the likes of Bergen to stay afloat, even Bergen didn't hold CRND's shares for any length of time after being allotted....... I really hope we are pleasantly surprised, but I just can't see it after recent events with the water level cock-up and the half arsed RNS recently released.....
Definitely won't be investing anymore , if this dies relist. Have made the mistake of catching the proverbial falling knife, and it's never worked. Won't bail out but just let it ride and see what gives ... this company looks in disarray and I feel will never return value to private shareholders . IMO. I hope I am wrong , but we've all been caught out trying to count our chickens before they hatch . Do I have time for one more cliche line :)
I reckon they'll go right to the wire..... interim results and a funding announcement on Friday 29th Sept
aftermarket announcement tonight... trying not to let this get the better of me, but its not working at the moment. Well, I have learnt a few lessons with CRND and the primary one is not to let the board get away with such poor information release. 1 week to go...
i think them not making the September deadline is pretty much a given imo
Lets hope were not hung out to dry... even if we have to dilute, at least we are still in with a chance of getting some of our money back. Only time will tell... I have a sneaking suspicion that they wont make the September deadline either, just a hunch.
6 working days left of September (last years Interims were released 28th Sept) Water level @ 17th Sept was 168.38 MBS - (I'm sure we've been there before.......) A miracle for CRND would be nice, but past history consistently points to PI's being ignored and hung out to dry.....
Thanks Gibbo, fingers crossed for a miracle. It can happen , it's happened to Hamilton over the weekend, if there are any F1 fans out there on crnd bb.
and still no reply from our Chairman, I will write again later this week.
Latest RNS: Whilst excavation and processing operations have stabilised at an operational level, the financial position of the Company nevertheless remains extremely serious. The Company carries significant debt and has a number of creditors. The directors are actively pursuing financing opportunities for the Company and are in discussions with a number of parties about those opportunities. Any such financing, if forthcoming, would be likely to be significantly dilutive to shareholders and may also involve the Company disposing of all or of a significant part of its operations to a third party better able to provide the capital required to provide a meaningful return from those operations, which are proving very difficult to achieve under the Company's current capital structure. In May the RNS stated: The Company's cash position remains extremely challenging, and whilst the directors of the Company ("Directors") continue to make every effort to secure financing solutions, no guarantee can be made that these negotiations will be concluded successfully. The Directors are therefore considering a number of solutions, which include the sale of the Company's operating assets. As a consequence, further to the announcement of 11 May 2017 the Company's shares will remain suspended for the time being pending further developments. It looks like things have not changed much since the suspension. Financial position remains extremely serious / challenging. Financing may involve the sale of the company assets / involve the company disposing of all or a significant part of its operations. As we have been provided with very little data we don't even know if the tolling works was just keeping the lights on. So we are either looking at a sale of our assets and the money hopefully paying off our debts with something left for PI's; a partial sell off with us retaining a small free carry; financing from a 3rd party that may be dilutive; a takeover? Probably not if we have lots of debt. Looks like our hopes are still on the concentrator circuit to make a difference to the bottom line, but how much of a difference is needed?
You have Kjk. Management are staging this company to look bad for cute deals. They are certainly making sure their pockets are filled to the brim . They put out seemingly good news and now it's time for them to take their huge cut and run and leAve us pis dry .
my staged post has been taken out ,so did i hit a nerve there? guys i think we r being had here!!
We may not know about the current situation but we do know there there is 36m oz of gold down there.$70 million was spent on R&D,Puno case sorted as also the leases.extensive lands not yet checked.Water level going down,new equipment installed or being installed.
I'm afraid I more or less agree with you, but I hope we're both wrong.
I hope this turns around for us, although that chance is very slim . I guess that's why Simon never responded to your email gibbo , regarding putting out an RNS about the water level. He knew it was made perhaps or inaccurate.
Its all speculation, we actually KNOW NOTHING! 11 working days until the end of September, then hopefully we will actually KNOW something. I really hope that Simon Charles keeps to his word and the RNS and does actually give us the update.
I would say once the dust settles there will be some very rich people from this company unfortunatly not the shareholders
Is there anything PI's can do? To at least be kept informed / brought up to date as regards CRND's financial standing before any dilution or asett sale can take place. Will any transaction need to put to shareholders to vote? I wish a large miner with sufficent funding would just come in with a takeover offer for the lot and scupper any plots being cooked up in the backgorund
Looks like you've all been had by this lot.
Exactly! Some of the loan funds was being used to pay for the Concentrator Circuit so we were originally led to believe, so although debt was being increase / as were CRND asetts. The strike caused a blip with throughput & revenues, however they have continued to trade for a further 4 months since the share suspension without any extra working capital being required (as far as we are aware!). The general flow of news had been positive, yet suddently TCTA have cocked-up water levels & the following day we get a negative RNS update from the directors. Seems really fishy to me, PI's are being lined & bent over ready to be shafted..... There are far too many unaswered questions: - Where & what has all the loan money been spent on? - What revenue / profit is being generated by the ore processing? - What is happening regarding recovering the Court Award & costs TBC from Puno? - What happend regarding the waterlevel? - What additional funds do CRND need & what for? - What debt was paid down with revneues from the ore processing? etc, etc.......
"Together with the other directors, in the light of the additional capital and the Concentrator Circuit proposed to come on stream this year, we are confident that the company is now well positioned to implement its core strategy of generating revenue from our assets and delivering meaningful returns for our shareholders," Charles said. The company also appointed ZAI Corporate Finance Limited as its nominated adviser and broker with immediate effect. This is before the resolution of PUNO...
What I cannot buy is that the Chinese investor with inside information would put $1 million into a cmpany that could potentialy go bankrupt.Nor can I understand that there was no info from CRND about the potential mistake with the water level.Notice how after the WL annoucement they came out with a poor RNS giving a double whammy to the punters.I believe they intend to shaft all the investers here
Ah, good to know. Thanks. I recall being a bit miffed that they may have been let off the hook - even a little.
Glib, That was in relation to Puno withdrawing their winding up order for CRND. Seperate issue.