Member Info for beton2

I spoke to Andrew. He said to use info@nyotaminerals.com . This goes to Sergii and Sergii will forward to Andrew. For mine ask Sergii to forward the email.

We are making progress.

Sadly the management are between a rock and a hard place. They have very limited funds and they are trying to give best value for money with what they do have. They are no longer listed so the normal announcements avenues are not there. These normal avenues come with an expensive cost. They cannot inform some of the shareholders and not the others. So they are limited to a mail out which has to be done by the share registry and to 800 plus shareholders and is not a cheap exercise. Then until a deal is done, all they can say is that they are negotiating with parties, or they are continuing to negotiate. Even when they have concluded a deal they have to get the all clear from the other party to make the announcement. In both UBE and GM deals, the company has put an announcement on the old NYO website. This website was down for a period as funds were directed to progressing the deals. The BOD should answer emails even though they can only say that negotiations are progressing. They should also answer phone calls. Similarly they are not permitted to say much. It is however easy to read between the lines if you ask the right questions.

The BOD are planning to release as much as they can in one announcement which will be for the AGM and maintain value for the cost of the mail out. Once everybody has had the option of email announcements then they can update in a simple manner on a more regular basis

You still have your Nyota shares. They are the same as before being delisted. You can sell them off market if you have a buyer. You just do not have a exchange market to trade them. Your shares will be consolidated. This should be 1:50. You will still have the same proportion as before. Instead of c3.9billion shares on issue there will only be c78M.
Hence if you had 1M shares before at last traded price (GBP0.00025) worth GBP250, you will now have 20,000 shares at GBP0.0125 worth GBP250.

More so, you will have an equal number of UBE shares which will be listed on the NEX exchange and in the future on the LSE. All the necessary paper work is in progress. (it should be equal amount of shares)

And you will have an equal number of Gryphon shares which will also be listed on the NEX exchange with the view to list on a main market exchange in the future. Again all the paper work is in progress. (the number of shares should be the same).

It should be noted that at the time of delisting NYO had debt, it had no money, its NOMAD had resigned and it did not have a broker. It also had no project. It was not far from folding as the only choice or languishing forever. Once the relevant paperwork is done and shareholder approvals have been given, Irae will be debt free, it will have a small amount of money, Its register will be clean (all unmarketable shares will be cashed out) and a more realistic number (circa 78M). It will also have a working relationship with NEX, with an NEX advisor and a UK based broker (via UBE and GM listings). Our CEO Andrew Wright is instrumental in these listings and is holding the hands of both UBE and GM. And a reputation of getting deals done. Thus all Irae will need is a suitable project (possible through the same W/D that gave us UBE and GM) to set in motion a IPO to relist.

I will be blunt here. Apart from Andrew's knowledge the only thing Irae has of value in these deals is its shareholder base. From that shareholder base should be the ability to raise funds. This is very important as it is the future of our shares. The UBE deal is done and complete. However the take up by shareholders was dismal as a result of circumstances beyond control of Irae. I stumpt up extra cash to get the deal over the line. The GM deal needs cash to be completed. A lot of this cash must come from fellow shareholders. The future of the company must be viewed as the company supported from the shareholders. The rest must come from brokers.

My original estimate was for GBP 0.25 based on what the LSE requirements dictated. The NEX listing could be different but I do not know, nor have I done a calculation for it. Ultimately they will be looking at the LSE for which the GBP0.25 should still apply. So it will be a time factor.

Go to the nyota website http://www.nyotaminerals.com/ Open the press release and the instructions are there.

The deals require approval by shareholders at the pending AGM. No approvals then no deal and we have nothing. We have done all we need to do with UBE, however Andrew is keeping a very tight rein on them to ensure our goals are met. The GM deal hinges on approvals and the raising of cash. This time the CR will be directed to the UK holders. This is where we have to ask about the future of Irae. IRAE MUST RAISE THE FUNDS to complete this deal. Some of the funds must come from the shareholders on two counts. Firstly the deal falls over if it fails to raise the funds. Secondly the future of Irae is at stake.

At the completion of the GM deal, Irae will be a unlisted clean shell, debt free, a sub 100M shares with a clean register. It will also have very little cash. But it will have a reputation of getting deals done and funded.

The W/D has been putting projects together, finding homes for projects as a full time occupation since the early 70s. He is not about to stop. Now that he has a good relationship with Andrew and Irae, he is not going elsewhere. Provided we show that we care and can raise the funds.

One sore point has been raised and that is the issue of information updates from the company. Irae has been delisted so the issue of announcements via the ASX and RNS are no longer applicable. These services are very expensive to have. The only means that the BOD have to update the shareholders is mail out to 800 shareholders. This is done by Computershare at a very high price. This is because every shareholder has to have the opportunity to get the message at the same time. The announcements have been put on the website (nyota) when the company could make the announcement. Prior to these announcements, all the company could say that they were appraising projects. There is very little money in the coffers and it is being used wisely.

To get updates in a timely manner everyone has the option to get notifications by email. Everyone is being asked to opt in and then the company can use this facility as everyone has been given the option. So please opt in.

I can see a big future with Irae.

The decision to list UBE instead of Irae left the question as to what to do with Irae? The W/D introduced GM to Andrew.
I will follow up this evening.

The BOD (the key here is Andrew Wright the CEO/company secretary) have delivered. They have provided two projects that will give the shareholders shares in each project in specie. That is for each Irae (NYO) share you own (post consolidation yes there will be a 1:50 consolidation), you will get one UBE share. And for each Irae share that you have, you will get one GM share (I am not certain of the numbers but the percentages are fixed). AND YOU WILL RETAIN YOUR IRAE SHARES. You will have 3 different share holdings.
Both UBE and GM have to list. Initially both will list on the NEX market with the view of stepping up to LSE in the future. I estimate that the price UBE should list at will be 20 times last traded price. I also estimate that the price that GM lists should be 3 times last traded price. These estimated listing prices include allowing for consolidation. Based on the share price that NYO languished for a considerable period, UBE should give 6 times and GM even par. The BOD have delivered in spades.

When UBE lists, you can get cash them up or stay with UBE. When GM lists you can also cash out or stay.

NYO was a basket case going back several years. BigDish was to be a saviour. The old board was disposed of and a caretaker board (it was a caretaker board to be there purely until the BigDish RTO was completed) was installed. BigDish funded NYO to streamline the RTO. At the beginning of the BigDish deal, the ASX changed their rules on RTOs. It proved too difficult to RTO BigDish into NYO. This left NYO in an even bigger mess as it had increased its debt substantially. The Peterhouse deal mark 1 was a soft option but without a project to carry on with and funds to go back to the market, it was probably the only option. That deal was rejected by the shareholders. Peterhouse deal mark 2 was a horrendous opportunistic deal which fortunately was shut down. Essentially NYO was delisted, in debt, a billion plus shares on the books and no project, and no advisor and no broker AND NO HOPE OF ANYTHING HAPPENING. NYO was dead in the water.

Please remember although we think that the BOD should be doing something, the reality was that the BODs hands were tied and it was the circumstances that caused the problems.

I introduced a wheeler dealer to NYO (Andrew ) on another deal which did not proceed. That W/D introduced UBE to Irae. The time frame was very short and with the very limited funds available, the UK retail shareholders could not be catered for in the RI. UBE underestimated the work they had to have in place for the deal to be completed. This prevented the BOD going to brokers so the deal nearly fell over. The deal was saved and it was found to be better for UBE to list than for NYO to relist. Because UBE is endeavouring to be a credible crypto it has been swamped with red tape in getting permissions, bank accounts and procedures and security. This has resulted in delays. Listing is still planned in October.

See the ann on the nyota webpage

There intention is LSE. They are to list. ( Plan B is is an alternative should this fail.) I will check about the website. UBE has only just gotten their website correct (maybe). We have limited money at present and the key is getting value for that money.

I will be away for a month. Andrew is working on Sept /Sept qtr listing and is working hard to keep UBE on track for this to happen. The most difficult part is the red tape followed by showing that UBE has significant value for listing (the more value here the better for us) and then all the little bits that take time.

It will be a long time before then. They had a hold up in getting a bank account in Gibraltar. No bank account = no money coming in. Apparently they will be at blockchain event in Sydney next week?? The pre ICO is imminent. They are starting to get the IPO ready. They are still pushing for Sept.

A lot of getting Ubecoin ready to list. There is a lot to be done and much of this hinges on bureaucracy due to having to move to Gibraltar. This is a far better jurisdiction than Australia for crypto. The last I heard was that all is on track for listing in the Sept quarter. Having said that the pre ICO has been deferred.

I must have had a figure already loaded in the calculator. You will get some of your money back. When Irae relists it will relist as Irae and a new code.

Ouch. Your shares are already Irae shares. You will retain these. You will also get prorata 1:1 ubecoin share after consolidation. You will then be able to sell or keep your ubecoin shares once they list. You will get some of your money back but 46p a share is a long road to come back from. From here we have to find a way to recapitalize Irae, relist and get a project happening. It may have to be project, money then relist.

Email sent

From what I understand the nyota website could not be updated without directing it to the Ubecoin site. The Ubecoin site was not up and running until well past the cut off date of the rights issue. The free trade barter site was not rehashed as of last week. The cost of rehashing the nyota website is money we did not have (we barely made the payments to ubecoin). The other share holders of ubecoin, look at their website and read directors and some of the advisors. We paid $AUD360,000. We also had to be debt free at the time of RTO. And Andrew is working his butt off to get this over the line. He has had to get the Irae side done and now has to keep Ubecoin on track issuing them milestones to ensure that our investment is protected and the listing occurs as fast as possible. I hope everybody appreciates the work Andrew is doing. Your example is correct. A far cry from the 250GBP they were worth when they last traded.

Alex Hello I trust that you are no longer disappointed.

Alex Hello Firstly there are over 800 shareholders in Irae. Notifications are not cheap. Support for this rights issue was less than minimal. Sophisticated support was lacking as Ubecoin did not have their website functional and as such Irae could not upgrade our site to refer to a meaningful site. Hence initial money was and is scarce. There was only enough money to get the deal through. There is definitely zero money to be sending progress letters out. After the warrant issue closes the company will have an informed position. The Ubecoin listing took me by surprise as the first I saw it was via forum and then in the warrant issue letter. The reasoning was that there was a massive legal cost and possible delays to Irae listing. There was also conjecture on who was responsible for the listing costs. If Irae had to continue as planned with listing, the whole plan may have come up short, very short. The Ubecoin listing is a far better solution. The listing will be at Ubecoins cost. The approx numbers are as follows. The full figures are not available until after the warrants. Ring then and they should be available to shareholders. It should be circa 3.8B. Allow a 50:1 consolidation (initially only the Irae shares will provide liquidity. Not sure but we will go with that) thus 76M Irae shares representing 20% of Ubecoin. Thus Ubecoin shareholders will have 304M shares and Irae 76M for a total of 380M shares. Now 25% must be on public hands and a IPO is required. This will mean that just over 25M shares will have to be issued in the IPO. These figures are openly available and can be worked out from the OIS and LSE rules. Upon listing Ubecoin will have roughly 405M shares on register. To list the value of Ubecoin must be at least GBP100M refer https://www.withersworldwide.com/en-gb/listing-on-the-main-market-of-the-london-stock-exchange-an-overview possibly double this. This gives you the listing price of 0.25GBP. Not a bad deal for $360K AUD and Andrew working his butt off. Now assuming you have 1M Irae shares now. You will have 20000 Irae shares after consolidation. After the deal is ratified at the EGM, you will have 20000 Irae shares (unlisted) AND 20000 Ubecoin shares (unlisted). Upon listing of Ubecoin you can cash out. Existing Ubecoin shareholders or their board which are the majority will be escrowed. Ubecoin will be trying to get their valuation as high as possible so to make underwriting as easy as possible as they have to ensure that they are fully subscribed. Thus the value may be higher than the listing price. Ubecoin needs a spread. IE more than 400 shareholders so the only way that this can give them that is for Irae to distribute the shares in Ubecoin to the Irae shareholders pro rata. And that has to be via a capital redistribution. You will still have your Irae shares and Irae will be a debt free consolidated unlisted shell. which is a far better place than last September.

warrants will be finalised on 7 April. There has be a consolidation 3B+ shares is a deal killer. Most likely 1:50 as there needs to be liquidity. We will then get 20% of Ubecoin which will be distributed to existing shareholders. Ubecoin will then be listed. It has to be. This will be done as soon as possible. This year. It will take time, the earliest will be Sept if all goes well. Irae will remain as a unlisted company. The numbers are all there. Whatever number of shares Irae has after the warrants dictate the overall number of shares Ubecoin has to have at listing. There has to be a listing. LSE is the logical choice. Ubecoin directors shares will be escrowed so the liquidity has to come from the public spread. There has to be an IPO to list. The minimum is 25% in public hands. The listed company must be a certain realistic value to list. This has to be reflected in the IPO strike rate. It will not be 1.25p (0.00025 X 50). It will need to be north of this. The IPO will need to be fully subscribed hence underwritten. It is Ubecoin listing now. hence the shareholding has to be returned to the shareholders to get the spread. This has to be returned as a capital distribution. hence we become shareholders of Ubecoin while still remaining Irae shareholders. Irae will be debt free. Irae can then get another project. This deal will be a great outcome for all shareholders.