RE: Arguing over nothingToday 13:15
RM has raised £3m over the last 15 months and the Company said in it's latest update
' The Company is dependent on receipt of further funding to continue operations'
This suggests critical financial challenges are maintained within the Company.
People think with the publishing of the financials the Company will automatically complete further funding, the Company said in its latest update
'The delay in completing the Company's audit for the period ending June 2023 (as announced 9 May 2024) has affected the Company's ability to complete the financing'
This does suggest any funding agreements can only progress so far without the published financials and therfore they will be unable to close a deal without them.
The Company also stated
' We have continued to engage with possible JV partners for or on a sale of our assets in Tanzania'
This suggests that the current funding path could take considerably more time than expected and or the funding being offered is much less than previously agreed/asked.
PKF will do there thorough audit and entities like the FCA (due to the prolonged suspension) will make sure the Company's processes are followed correctly.
Unlikely this will return anytime soon.