Member Info for Bebeto

What a mess!!!

Let's hope Cynergy are a decent outfit , they are in a very strong position.

Hopefully this has been sorted too;

The Company has entered into a US $1,400,000 Financing Agreement with Koenig Vermoegensverwal MBH. The Company shall make monthly payments and each monthly payment shall be calculated as the higher of US $50,000 and 50% of free cash flow of the Company.

Also the FCA will have a lot to think about here.

Agree, 2025 for RTO it's a long process.

Have to wait and see, we may receive multiple RNS announcements in quick succession.

My opinion is that, there's already been an amendment to accommodate a later transfer of money , from the original heads of terms agreement which does suggest Cynergy is having issues with sourcing the £500,000.

They may not always have significant capital at hand, instead it would be working for them and the one transaction to Caracal Gold may well be at the end of multiple transactions.

Each transaction would have an element of due diligence from the relevant parties involved to comply with the rules around money laundering, for instance.

Any of the above could add to the timeline here.

They have to notify the receipt of significant funding via RNS.

It would be nice to have that tomorrow but they could notify the market anytime this week and it would still be timely.

Doubtful anything significantly viable will be mined until they've spent $5 million from phase 2.

Yes , instead of going to court GCAT (subsidiary) will receive $320,000 from Goldplat.

From a regulatory standpoint, the FCA would still hold Caracal Gold responsible for timely reporting. Even if the auditors are indeed overburdened, the FCA expects companies to manage their auditor relationships effectively to ensure compliance with reporting deadlines.

The FCA has the authority to request information on how the company plans to resolve the issues that caused the delay, as well as to ensure that future reporting deadlines, such as those for the June 2024 accounts, are met.

Under Listing Rule 5.1.1, the FCA can suspend listing if it has concerns that an issuer is failing to comply with its continuing obligations, including the timely publication of financial results.

Regarding related party transactions, these are transactions between the company and parties that have a close relationship with it, such as directors or major shareholders. These transactions can cause delays in the audit process because they require careful scrutiny to ensure they are conducted on an arm’s length basis and are properly disclosed in the financial statements. Auditors may need additional documentation or might challenge the accounting treatment, leading to further delays.

FCA will be duty bound to ask the June 2024 accounts and if they don't like the reply.. who knows what will happen.

Also there's been several related person transactions perhaps thats another cause for a delay.

My personal opinion is that the suspension won't be lifted before the June 2024 audited results are published.

We're currently suspended for not publishing June 2023 & December 2023 financial statements.

It's just a delay for the 2nd tranche and nothing more to read into it.

There's an 11 week window to publish the 2023 financial statements and get the prospectus granted.

I suggested a while ago it would be prudent to get the audited financial statements up to June 2024 at the same time.

Who knows whether this will actually come out of suspension before going back into suspension for the same non-compliance issues.

The high net worth investors waiting for the prospectus to obtain their shares must feel they've had their pants pulled down from whoever sold it to them.

They have to release an update confirmation of receipt of significant funds.

Last RNS stated by the end of July.

RNS 13th May

The finance team are working to complete the audit and interim financials and are confident after recent feedback from PKF the audit is in final stages

That was 3 months ago, are we going to get another update with the same final stages rubbish?

Suspended for 10 calendar months for not publishing audited financials is just crazy.

They also had 4 calendar months before suspension to get them published.

I just read the chat rules and haven't broken any btw.

There hasn't been any RNS containing any gold sales past June 2023, so therefore any gold sales since then must be regarded as minimal.

To date, overall there's been around $20m spent on Kilimapesa gold mine , I doubt another $500k is going to create a dramatic increase in production due to the complicated characteristics of the gold containing ore.

Would be a strange thing to post on GRL and say they're a far better investment than GCAT.

The last news from here is that they have halted the operation, unless anyone knows any different.

Could have got more profits selling today?

There's going to be a race to the exit door, I'm sure of it.

June 2024 audited results have to be published by the end of October 2024.

It possible to come of suspension in August only to go back in November, which is a ridiculous situation.