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cherry, the company cannot issue shares below the par value which is 0.1 here they will have to consolidate and as such get shareholder approval for that to happen. I wonder what they do with the monthly payment from riverfort since the company cannot issue shares below 0.10 they must be in breach of AIM rules? I cant see them raising any funds at all until they go to drill, unless they JV the drilling out as no directors are being paid.
NW exiting quietly before next round of financing in Q1 2018 or earlier ?
I think what you mean is milk it as long as he could. The info provided to initial investors suggested good potential here and lots of good reasons were given to invest. I think the reality hit when Gavin Burnell (broker / ex director) decided to exit on the early spike. It was quite obvious that he did not really believe in this hence early exit but im sure there was a back hander for NW. They say you cant judge a book by its cover sadly in this case NW's look says it all.
I think he was looking for a way out for the last couple of years - despite what the one or two so called experts on this board think, we all with a bit of common sense know there was never any Gold and definitely no Coltan and a us less bit of Iron. Nick was looking to pass this over so he can get out quietly and let someone else take the blame for this disaster. Good luck and good riddance.
unlikely he was pushed as he is considered to be the mastermind in the gang...i have seen directors like him leave plenty of times and if there is a sale at the end they always end up the biggest winners with guzzillions in shares. Plus he has to give others a chance of becoming CEO of the year.
Exactly what i was thinking pal hope yr ok too take care..rev
I tend to agree with your sentiments but once a greedy boy always a greedy boy. If he was pushed then a "friendly" departure would have been agreed in my opinion. He is probably contractually entitled to minimum of 6 months of his salary despite the cough cough no more cash salaries from Roger.
This is a good thing for Sula, no more freeloading, so looking forward to the Geo analysis due soon and then hopefully a JV or farm out.
If NW was pushed (most likely) he will be entitled to at least 6 months pay and will probably want cash rather than shares.
spikey, to be fair there were 2 weeks back in 2014 when he and stubbsy put in a hell of a shift.....
https://www.youtube.com/watch?v=0J1E8Mv6ZGc QUOTE : Sula are sitting on a '4 to 10 million oz gold mine' I play this video from time to time. You can learn a lot with hindsight.
'... after all the hard work he has put in." ? and when did he do that?
Unlikely he will give these up after all the hard work he has put in. He will probably give himself some more before leaving.
there was a time when his holding was actually worth something, even if he dumped the shares in one go it's not going to have that much effect. The political repercussions as he is local chief could be dire but again because SL need investment I think it'll be somewhat muted. Next up joint venture with Madini associates to drill the rest of the asset in exchange for X amount of stake.
Will be interesting to see how NW disposes of his 56 million shares now that he is no longer on the Board of Sula.
GOOD - Finally that leech has left the building. BAD - He probably has had a falling out with the managment with regards to what direction to take the company, leaving his position untenable. Which way this will go is anyone�s guess. Good luck all.
All together now.....Thanks Nick!!!
On the good side for him. He managed to fleece a lovely wage from shareholders for years before now retiring into obscurity without a thought for Sula. I'm in the wrong job.
******
Special words created for the film Zulu in 1964........................ Men of Harlech stop your dreaming Can't you see their spear points gleaming See their warrior's pennants streaming To this battle field Men of Harlech stand ye steady It cannot be ever said ye For the battle were not ready Stand and never yield Form the hills rebounding Let this war cry sounding Summon all at Cambria's call The mighty force surrounding Men of Harlech onto glory This shall ever be your story Keep these fighting words before ye Cambria (Welshmen never) will not yield
Are your sure? Still the big. Dump coming with any rise
Time to buy ?
Matt.....not sure what it will cost to get full JORC but could be anything from $3 million to $5 million. Trouble is no interesting drill holes for last 12 months so could be more. All in drilling costs and assaying for DD probably $150/$200 per metre but happy to be corrected. Need to have at least 1.2 million ounces to start PEA for 80k to 100k ozs per annum. Private company that I know has JORC 2012 inferred of 800k ozs right now and raising a further $5 to $6 million now for drilling campaign to take up to c 1.6 million ounces indicated and inferred for PEA.
cherryburn and everyone else, in terms of finance to get a full JORC and PEA against the whole of the asset what are your approximations costs?
yes cherryburn, equity drilling owned by mike warren but galactic tide owned by mike warren and iain macpherson as main shareholders. Ongeza Mining who arranged earlier placings issuing shares to themselves owned by iain macpherson so I assume iain macpherson has more input than Roger. Its been conflicts of interest all along so why stop now. http://www.madiniminerals.com/team.html