Member Info for BringMyReward

Nicely said mate. I do wonder if BMR would be better off in the hands of Administrators, rather than in the hands of Borrelli. He’s paying himself circa £80k per year (he received £118,800 in the 18 month period in the accounts). What has he done for shareholders that deserves that kind of pay? For every month he remains at BMR he is taking £6,600! It’s time for the board to deliver on their promises, or the gravy train needs to come to an end for all of them.

Fellowship, I don’t know who you are, but you have no business to tell BMR Watch what we should and shouldn’t be doing. It was members of BMR Watch who collectively pooled 5% of shares together to put in a request of a general meeting. We were not looking to liquidate the company, we wanted resolutions to go to a vote. The only person that mentioned liquidation was the CEO and Chair of BMR.

Oh, and as for calling me a liar, I’ve already proved you wrong on the above, it was BMR Watch that called for a general meeting. Yes, I’ve been accused of lying about my conversations with AB by half a dozen posters on here. It still doesn’t prove I’m a liar does it? If you’re going to accuse me of lying, at least provide evidence to back up your claims.

Correct me if I’m wrong, but BMR shareholders didn’t invest in BMR for a wild goose chase Copper project in Chile. We all invested for Kabwe, and now all we currently have left of that is 12.5% or an 11% Royalty. The problem is, we don’t have any agreement in place for a profit share of either percentage figure.

JLP are dragging their feet when it comes to ‘looking after’ the interests of BMR shareholders. However, whose fault is it that we are in this mess in the first place? Alex Borrelli is CEO and Chairman of BMR so full accountability rests on his shoulders.

BMR Watch requested the removal of AB and AGH. AB said if he had to circulate the resolutions to shareholders he would just resign and the company would be liquidated. If we withdrew the request, the fund raise and listing for the Chile project would go ahead.

So, it would seem AB is happy to threaten liquidation if his seat on the board is challenged, but if left alone he will happily continue doing what he does best. He also suggests that he’s on the side of the shareholder, yet he’s willing to take legal action against those who are displeased with the way BMR is being run. He’s not the type of person that is willing to work with any shareholder. He’s only happy to do what he sees fit. The problem being, he has already showcased what happens when he’s left to his own devices...

Heading back to the 52 week low... Could be a placing on the way?

Did anyone attend the AGM today? Anyone know what all the resolutions were? I looked on the website for a circular, but couldn't find one.

https://twitter.com/BmrWatch/status/1204496921601200128

Great interview with MM. Was it just me or did he sound a little drunk? Also, when Justin asked him “You’re a bit of a shareholder aren’t you?” I’m sure MM replied “Err, ***** I’m the largest shareholder”.

https://twitter.com/BmrWatch/status/1203971236801515521
https://twitter.com/BmrWatch/status/1203971570479316992

Looking more promising here now...

Once we have the loan, another placing at 0.5, the grant, and money pouring in from sales, we will be cooking on gas.

Still got Regua to get online, hopefully Q1 2020 for that happening. Then there's the long overdue gold update which could have an interesting affect on the SP.

24 hour production, here we come!

The situation doesn’t look good to me. Whilst we wait for JLP to sort out their end of the deal, we are in a vulnerable position. I have to question whether BMR/JLP are doing this on purpose now.

We need and deserve to find out what’s going on with Kabwe and the Royalty. My concern is that JLP’s intentions are insidious at best.

A Friday 13th GM would be very fitting for this horror story! Something is stirring behind the scenes... these Lawyers must be costing a fortune. It's about time they delivered the goods instead of stringing us along.

If Mr Coetzer and Mr Bird were to turn up, I think they would get a frosty reception. It would get much warmer if they turned up with a big cheque book though...

I believe AB was looking to hold the General Meeting on the same day as JLP's AGM (6th December). From what I can gather, you have to give at least 2 weeks notice for the meeting, and I know he wanted to give instruction to the printers on Thursday to send Circulars out on Friday. Perhaps the intent was so Leon and Colin could attend BMR's GM?

However, I don't know if the Circulars were printed, because JLP were supposed to add certain information in and they still hadn't done it, and the deadline for the printers was looming. As always, we are waiting on JLP to sort things from their end. I'm convinced they will be the death of BMR as a Company. Better start contacting the Lawyers...

Couldn't agree more, Klue. 1 for 5 would value the Royalty at less than 1p. In the BMR accounts, the Royalty is supposed to be valued at £10m which is 3.5p a share, bearing in mind we were trading around 2p before suspension. Even £10m is fairly low considering the potential future value. Why should we accept some low ball offer when we've already been taken to the cleaners, and not for the first time for some shareholders...

The way I see it JLP have 3 options:
1. Acquire EML and give us the 11% Royalty.
2. Do nothing and we retain 12.5% project ownership.
3. Buy the 11% Royalty or 12.5% project interest.

If it's option 3, it will need to be a bloody good offer. Otherwise we vote against.

In addition to the below, it’s worth noting that we could still have a listing as BMR shareholders. AB seems confident that we can raise money for the Copper project in Chile, without the value of the Royalty being in the Company.

Also, in my calculations below, I forgot to include that JLP already owns 29.01% of BMR, so dilution for JLP would be even less, if they issued shares in exchange for the Royalty.

Yes, it seems a few have lost interest… It only makes it easier for these so called Directors to get away with the things they do. JLP is ticking away nicely, whilst we are still left in limbo, not knowing what the final outcome will be…

We own 12.5% of the Kabwe Project, we own EPL, which owns EML, which owns the mining licence and tailings… So, are we due 12.5% of generated earnings from Sable? It seems not. Apparently we don’t know if we only get earnings generated from the Kabwe tailings, or everything that is processed through the Sable plant.

The fact that JLP are using the Kabwe mining licence to produce Copper, Sulphuric Acid, and whatever else they are currently producing. And the fact that the Royalty is yet to be activated, tells me that we should be receiving 12.5% of current generated earnings. JLP’s financials are due out within the next couple of weeks, so I would expect an update on the Royalty situation shortly before or after.

I’d like to see one of two things happen before the next General Meeting;

1) JLP acquires 100% of EML, the 11% Royalty is put in place and we get full clarification of what that 11% entitles us to. Strong preference will be 11% of generated earnings from all production at Sable. Shareholder actions should be taken if this is not the case.

2) JLP offers BMR shareholders (at least) one share in JLP for every two BMR shares held, in exchange for cancellation of the Royalty agreement, and 100% ownership of the licence and tailings goes to JLP. On a 1 for 2 basis, JLP would have to issue 167.8m shares, currently worth £7.3m which is £3m less than the Royalty is valued at in the recent BMR accounts. This would only be 9% dilution to JLP and would secure an extra 11% of earnings from the project, which is worth tens of millions over two decades. A small price to pay for them, and BMR shareholders would be left holding shares in a listed Company, with Kabwe in production, as it should have been.

To be fair, if you look at the JLP chart from Oct 2017 to Oct 2018, the SP fell about 50%. It has pretty much recovered that loss back now, but like most AIM shares, they are up and down a lot of the time. 'Mining' sector shares can have these swings over long periods. Hopefully the GLR SP can recover in a similar fashion...

Cheers TotalTrader, I'm aware of most of the figures, but I haven't really done any calculations to break it down. All this dilution doesn't help, but it's a lucrative project either way so I still think the SP can do multiples of what it is now.

Will another placing be required? I wouldn't like to say no, but CB reckons the cost of implementing the project would be next to nothing, so most of the placing cash is probably just to keep the lights on. Would be good if these warrants were taken up sooner rather than later...

What makes you think GLR would break even @ $1,900 Zinc? We don't know how the deal is structured. Will JLP pay GLR for Zinc concentrate produced, or will it be refined and sold as metal, splitting the profits based on the agreement price? There will be a big difference between concentrate and spot metal price. Also, how much will it cost GLR for every tonne of Zinc produced and sold? It's only a case of dig/crush/truck, so costs will be low. In that case, surely GLR could make a profit even if the price of Zinc went considerably below $1,900?

Well I was right about needing another £500k. My post on Sunday said we will probably issue 100m shares at 0.5p. Turns out I was a tenth of a penny out... Not the best price, but we should be fully funded now.

Why raise before the licence and off-take were in place? Maybe just to let others in at mates rates... Or maybe we need the cash now to prove we can fund the project.