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From today's RNS " ...we believe that the potential of the Project is best recognised by third parties " What an admission of abject failure ! The only positive thing that I can take out of the situation is that G.C. will strive to get a decent price even if it is only for his pal John Wardle of Tracarta who holds holds than 10% of this .
With obviously no profit taking to be had at these levels I would only expect the desperate now to be selling. Painful as the current situation is , as long as the likes of Tracarta are not heading for the exit then I will hang on in there as well. GLA
RNS of 14/2 ... "The Company will hold discussions with the potential off-taker over the coming weeks with the aim of reaching agreement on the terms of an offtake agreement. My thoughts are that if we hear nothing by mid April these " weeks" will have become months.
Having waited 6 years to get here I am quite relaxed about the situation. A few weeks more is neither here or there in the scheme of things as long as it finally comes off and I see no evidence of Tracarta heading for the exits !
To be clear ,the money recently raised was not exclusively for purchase of machinery.
"The proceeds of the placing would fund the purchase of a secondary gyratory crusher and magnetic separation equipment that would be used to process the company's magnetite ore in order 'to meet offtake specifications set by a potential off-take partner for commercial scale testing AND for GENERAL WORKING CAPITAL PURPOSES' Ironveld said.
Extract from the recent results would suggest news not now far away.
"At the date of approval of these financial statements the initial testing of 10,000 tons remains incomplete and will not be finalised until after the approval of these financial statements. The Group's present resources and existing facilities are only considered adequate to meet committed overhead expenditure for the period to February 2019 by which time the Directors anticipate completion of the initial testing and intend to enter into longer-term testing for a period of 12 months. Such extended testing is anticipated to provide sufficient funding for a period in excess of 12 months from the date of these financial statements."