Member Info for addicknt

SM, yes, that what I said.

The SR has been in ongoing for 18 months or so, and it's now all coming down to the next three months.

The Exploitation Agreement is due to be signed before the y/e. No date given for the CIPA (as far as I could see) but there will be two agreements; one for exploration and the other for exploitation, which are designed to reflect the change in status of the project.

Cash - nothing we didn't know already, but, as I said yesterday, absent further funding news before y/e, the accounts will have a qualification and given they are released in September, in order to be able to include a post-balance sheet event, we will have three months to finalize the funding package.

Posted.

Let's see if anything interesting is included.

SH, for once you make a reasonable point. It's an assumption on my behalf based upon past performance and the bullish tone of yesterday's RNS.

RK, I said 'As it stands'. The rest of your post is speculation.

As it stands, we'll reach the y/e without sufficient working capital for the next 12 months, and as such the accounts will have a qualification, which no company likes. Given that we could have avoided this by raising more funds, what does this tell us?

In my view it says the Board is very confident there will be a post-balance sheet event within a couple of months of the y/e which will be recorded in the accounts. We will still have the qualification, but any concern will be allayed by the new funding.

Eloro, good man! and you're right, it was keep the lights on stuff, but that's not surprising, is it? We're a small explorer, so it always comes as a bit of a surprise when some people appear not to understand the constant need for working capital. In this respect we're no different from all the other explorers out there.

Anyway, I'm glad you're feeling upbeat.

SH, I hope it was me who said it, because it's true. Under the previous regimes the track record was terrible and SC has also made some mistakes. However, I happen to believe matters have improved and we now have a clear view of what he's trying to achieve and let's hope he does so.

Nal, I know this will come as a huge surprise to you, but if you look back at my comments on the issue of the missing 4m and French translation, as well as many other things, you'll see I was every bit as critical as you were. I know you're fond of making stuff up, but you really should check your facts first.

Almostdone, I'm sure you're right. In an attempt to avoid overloading the balance sheet with too much debt, the company has gone for the minimum amount required to take us to the next stage. I guess this means they have a pretty clear idea of the various timelines for negotiating the project financing and the delivery of permits etc. (some news on the CIPA would be welcome) Hopefully the MD&A will provide details of the current state of play, although I'm not holding my breath.

As for the headline of this thread, if the facility merited the description, it would imply there was equity involved i.e warrants/options/placing of existing shares to the lender, and the company would have had to provide details. Given that they haven't suggests no such arrangement has been agreed. However, I'm sure the loan comes with an expensive interest rate attached, but in the scheme of things $10m is fairly insignificant.

My own concerns about yesterday's announcement relate to what comes next, specifically my hope that we don't enter into a jv.

In the light of your many errors the latest comment is risible. I'm not sure what your motivation here is, but it can't be healthy for you.

As I pointed out this morning, in April last year you posted a comment saying you fully expected action in H1 this year and you expected an offer at multiple times of the then prevailing price. Strange how you now critisise people for believing the same thing.

'Do successful companies take loans?' Did you really ask that question? Are the capital markets a complete mystery to you?

I'm getting worried about you. Over the past month or so you appear to be running out of steam. Maybe it's time for you to take a break?

How else would the company raise money in a way which met with your approval? We needed working capital and we got it without your predicted massive dilution. Of course, if you know of other sources of finance I'm sure the company would welcome your advice. And whilst your at it, could you explain precisely why this arrangement is a car crash?

As for the long term project financing, none of us know how that's going to emerge, not even you.

As for investment in Ecuador I wasn't referring to today's news, but the previous deals struck by Rinehart and others.

We needed cash, we got it.

Talking of predictions and statements that haven't exactly come to pass, who said a) this funding round would be a 'car crash' and cause massive dilution b) the sale of existing issued shares would cause dilution c) no one would invest in Ecuador as blood is flowing on the streets? Point c lasted for precisely 24 hours.

Whoever it was isn't really having a good run, is he?

Anon, the strategy is to place the business in the position of being a 'turnkey' project i.e oven ready for a potential buyer, specifically the long list of smaller miners. Caldwell has been quite clear about this.

The other reason is that to have the cash available is a very powerful negotiating tool and it will improve our hand immeasurably.

'even adikt and bbg have realised it's time to be silent and reflect'. Ermm? Really? Mind you, I don't imagine too many people would object to a bit of peace and quiet from you.

SM, this is what his alter-ego said in April last year:

' I would suggest action is highly likely in H1 2024. I don't think we'll see a bidding war, but the price will be multiples of the lows we saw recently'.

Catch up at the back, DBW! Of course it means we're being diluted, because we haven't issued any shares and the issued shares are not the issued shares and are in fact a figment of the imagination which means dilution, or maybe it doesn't. I forget. Shares in circulation are not issued shares which means they are really, but the company is lying. Oh, feck me! I seem to have confused myself. Anyway, the loan is terrible news because it means we can continue moving towards turnkey status whereas everyone knows that would be a disaster; or would it? I can't remember. In any event, I'm right - as always - and everyone else is an idiot.

Italian, absolutely right, every announcement of this type has to be accompanied by a cautionary statement. I'm afraid the AI makes the same observation every time we see an RNS and portrays it as the end of the world.

Orthern, I understand the cynicism, but there's something to bear in mind.

When a company prepares an RNS it has to be verified by the nomad - provided he's doing his job properly. In this instance they should have asked to see documentation to support the assertions made by the company. The company cannot make demonstrably false statements without risking criminal prosecution should things turn out badly.

I know there are many examples of AIM companies not doing this and there are some on the main market, but as small investors we rely on this process - in fact we have little else to gain comfort from. Verification is essential to the honest operation of the market.