Member Info for Bebeto

The CEO's salary is meant to be £75k so a £40k spent buying shares and a possible extra £50k worth within 12 months, only leads to borrowed money. IMO

I just realized I put " the" instead of "A" before the word company.

It's common practice for a director of any company to buy shares from the company through options or from an interest free loan from the company itself.

Trek, it's a smoke & mirrors move for a CEO to buy shares, even though it can improve sentiment and improve the SP.

RM holds 5% through introduction shares ( they are freebies)

Secondly a director is entitled to buy shares in the company from a loan from the company , so it's not actually out of their own pocket at that moment.

The Q3 quarterly results probably don't match what RM had been suggesting otherwise they'd have been out ages ago.

It's literally receipts and recording of events.

There is a CLN as per audited financial results note 20:

Convertible loans

On 21 June 2022, the Company entered into a Loan Note Instrument with Mill End Capital Limited (the "Noteholder") for a total of £1.25m ($1.5m). This was draw down in its entirety on 27 June 2022. The total creditor recorded in the accounts is £1.7m which is made up of £1.25m principal and £407,000 accrued interest.



The terms of repayment vary on the time of such repayment as set out below:



Within 90 days - 120% of the principal to be repaid

Between 90-120 days - 126.667% of the principal to be repaid

Between 121-150 days - 133.333% of the principal to be repaid



If the amount is not paid within this time frame, then the Noteholder may notify the Company to convert the loan into shares which will be valued at 80% of the closing VWAP price of an ordinary share on the business day prior to that on which the Noteholder makes its request.

Convertible loans

On 21 June 2022, the Company entered into a Loan Note Instrument with Mill End Capital Limited (the "Noteholder") for a total of £1.25m ($1.5m). This was draw down in its entirety on 27 June 2022. The total creditor recorded in the accounts is £1.7m which is made up of £1.25m principal and £407,000 accrued interest.



The terms of repayment vary on the time of such repayment as set out below:



Within 90 days - 120% of the principal to be repaid

Between 90-120 days - 126.667% of the principal to be repaid

Between 121-150 days - 133.333% of the principal to be repaid



If the amount is not paid within this time frame, then the Noteholder may notify the Company to convert the loan into shares which will be valued at 80% of the closing VWAP price of an ordinary share on the business day prior to that on which the Noteholder makes its request.

He's having a haircut if he hasn't sold out.

They'll get finance we just don't know what that will look like.

I would divest the Tanzania asset, it will take years to get a return of investment there also there will be a $30m CAPEX to construct a processing plant.

They could redirect the resources to the current processing plant and nearby exploration.

Legalwolf, for perspective they spoke to 5 companies about funding and they agreed with the 2 most attractive offers.

OCIM doesn't usually lend that amount of money and because the funding is based upon projected production rates they decided they wanted an extra security.

Unfortunately the extra security couldn't be provided and the deal fell through.

The thing is , there doesn't seem to have been a sum of which OCIM would offer GCAT any money without the extra security.

Secondly, RM is now having to go back to companies that offered a less favourable deal.

He said in the stockbox interview they haven't drawn it down yet, so this part of the RNS was b.s.

The total contract price will be made available to KPG in a single tranche US$3m to be drawn on or before 31st December 2022

Legalwolf, I presume it's because the Kilimapesa mining license is classified as old law and therefore there can be nothing changed without re-issuing mining license to new law.

It's only short term holders/traders who takes a hit here. I still think it will be am achievement to hit 2p this year but do able.

Coldspy, it's only a positive vote from the AGM that will give them the means for dilution, currently they can't because they're maxed out.

Sniffer that's probably when I realised it was the people flipping shares from the extra dilution that dragged the SP down.

Coldspy I've been in this share from the start and have no intention of selling anything.

For some strange reason people don't like a balanced view, regarding the funding, basic research will show you that OCIM believes that they take all the risk when using this structure of funding. Working on predicted production rates meant OCIM had to add an extra layer of certainty through conditions.

Where as Philoro Global Trading AG ('Philoro') had no such conditions because the current rate of production will meet the repayment structure.

The current

Steve4077 ,it's not a deramp at all.

Would you like to explain why there needed to be such a condition as the one you are talking about?

The flaw in the due diligence is that it's based upon projected production rates and not current, which couldn't stack up to scrutiny. Hence the OCIM conditions.

RM has spooned it and that's why they never RNS'd the notice of AGM as they will be wanting dilution resolutions passed.

Legalwolf called it saying it was OCIM's biggest deal yet nothing was on their website.

Coldspy let's hope you are correct. I'm invested for the long term regardless.