Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
profitbags
you tell me, the company has been silent about the goddard debt, the loan repayment, and the costs associated with a failed court case. i voted for the company to access funds and pay these debts not to prioritize "working capital" and not to reward the "premier puppets " for keeping him in a job.
george may have a magic wand stuck up his ****, he will bloody well need it.
acker
Still of the opinion that this current bullish run is aimed solely at getting to the SP level where the company can issue enough shares to clear the Goddard debt.
Prem will have accrued further debts with Goddard and it looks like another 3 million will be added to the Canmax account at the end of the month.
Accrued debts and no revenue is not the best business plan.
Acker
Pingu777
Suggest you just sit in the corner and leave the mechanics of Prem to the adults.
Acker
He intended use of the dis-applied shares is as follows:
As announced on the 11 December 2023, Zulu open pit mining contractor, JR Goddard Contracting (Pvt) Ltd ("JRG") had
agreed to accept payment of a limited number of future invoices until commercial shipments begin at Zulu in Q1 of 2024. The
board believes that this share settlement is essential and should be maintained as such, 769,230,769 new ordinary shares of
the Company at the price of 0.26 pence ("JRG Settlement Shares") will be issued to US$2.5 million (equivalent to £2 million)
in invoices once the conditional precedents have been met.
As announced on the 9 August 2023, the board entered into a Loan Facility Agreement with George Roach (“Facility”). While
George Roach agreed to waive immediate settlement on the Facility to allow the Company to conclude the fund raise
announced on the 15 February 2024, the Company is now in breach of the Facility, and it is imperative that 370,000,000 new
ordinary shares are available to the Company to ensure that an agreement can reached with George Roach for the default
and also settlement of the Facility.
As reported in Premier Annual Financial Statements for the year ending 31 December 2022 under section 17 (Contingent
Liability), China Zenith Capital Ltd were suing Premier for a 3% net debt success fee based on Premier’s consultancy
agreement with China Zenith Capital Limited.
In spite of Premier having two independent legal opinions supporting Premier believe that the prepayment and offtake
funding by CanMax was a deferred revenue in accordance with International Financial Reporting Standards (IFRS), the
Arbitration hearing held under the rules of the London Court of International LCIA Arbitration was lost following a ruling
whereby the arbitrator sought fit to discount the definition of debt under IFRS and focus on a common sense interpretation
of the Engagement Letter that prepayment and offtake funding was contemplated under the debt success fee.
Premier refutes the judgment in the strongest possible terms; however, the arbitration ruling is final and binding whereby
Premier will settle Zenith Capital Limited award in new ordinary shares at prevailing share prices.
The remaining shares are intended to be used to bring Zulu into profitable production and general working capital of
Premier. As has been previously announced, Premier have now taken over control of the Zulu operations with the departure
of Stark International Project (“Stark”).
Will George adhere to the terms and conditions ???
Acker
PD101
Yes, it may rise as you suggest but I fear it will not, on this occasion, be a sustainable rise.
The rising SP will be hit by one maybe two more placements only after these events do I see the start of the re-rate and even then, the company will remain on the tightwire.
These debts will not go away, they will have to be paid, and any revenue from early production will not be sufficient.
Acker
I am of the view that whereas I am delighted that the delivery arrived as per the timetable there remains a lot of work at Zulu before production, the Zulu mine remains in the pits.
I am very pleased with the progress; long may it continue however the company is well aware that debts have accrued and need paying. On this issue, I agree with certain posters that a further placement seems a foregone conclusion.
I think the rising SP is a means to an end.
Clear the decks of debt George then the company can look forward.
Acker
Megginson advises watching output from Africa.
“Although the quality of material is more variable than comparable material from for example Australia, and the continent still makes up a small proportion of overall global supply, supply of hard rock lithium concentrates from Africa is growing rapidly, especially from Zimbabwe and Namibia,” he said. “Currently, Chinese converters are responsible for the majority of the projects that are at more advanced stages.
Acker