Member Info for Chesycustard

JORC almost 3 weeks late now, wonder what the hold up is.

Shares look tightly held, no liquidity, this is nicely poised.

Thanks Eric, the good news is RMB don't appear to have sold any of their 10% stake. Strange Jorc this late with no holding/delay note. Hopefully it's so much gold they are having difficulty quantifying!

Agree. The last rns about said the end of June. Hope it's a good delay reason.

No problem, sometimes its worth dropping in an email for a bit more clarity. Good luck with your investment(s)

No problem. Had a little top up myself.

Walrus I think it means that they will utilise the money that was earmarked for los c upkeep over the next few years. This will now be funded by the CD funds in the new Co. Basically they have freed up working capital. Imo, gla

Yeah I know what you mean. Feel more positive though and still think this share price is mad, 1p even with the funding uncertainty would be reasonable. Fingers crossed we get some superb grades.

Hi all, by popular demand, here is the full Q&A email. DYOR, GLA. ---- My apologies for not replying earlier. I have been overseas and only returned on Monday. 1) With a separate company being created how are the Directors of Metminco going to be paid for work on Los Calatos. The Company will be reimbursed costs incurred by it (including directors and management time) in relation to Los Calatos from the funds contributed by CD Capital. 2) Over the years the company has spent hundreds of millions on the development of Los Calatos, CD Capital seems to be getting a deal that is too good on the face of it and doesn't take that into account. The Company has incurred approximately A$150 million on Los Calatos (A$50 million in cash in the ground and A$100 million in acquisition costs - primarily by way of issue of shares at prices above $0.30 per share). I would agree that it would seem CD Capital is getting a good deal but so too are Metminco shareholders. Metminco shareholders retain a 30% interest in the Los Calatos Project after the FS has been completed. Subject to the market at that time, and the outcome of the FS, the value of this 30% will be substantially higher than the current market valuation of Los Calatos of <A$12m for 100% of the project. Further, Metminco shareholders will be fully funded through to the completion of the FS. The alternative is to seek to raise equity funds in a difficult market further diluting shareholders without any guarantee that the Company will be able raise the funds to complete the FS. 3) Why is it going to take 3-4 years to bring it up to feasibility. The estimated time is consistent with that of other Feasibility Studies for a large scale projects such as Los Calatos. The objective of a FS is to provide a blueprint for development and future production to +/- 10% accuracy level and involves considerable geological, metallurgical, geotechnical, engineering, social licence and other work. 4) How are we going to fund our Colombian gold projects. The CD Capital deal will significantly reduce the Company’s outgoing in that Los Calatos and associated costs will be fully funded. 5) Why havent we had sign off from the RMB bank, is the massive drop in our share price likely to affect this, considering they are getting shares. As you would have seen from our recent Announcement, settlement has now occurred. 6) What are the BOD’s comments on our current share price, taking into account the SPP and rights issue prices. The reaction of the market to the Company’s recent announcements has been disappointing. It would seem that the market, AIM in particular, is driven more by the influence of traders shorting the stock than positive news. We are hopeful that in the near future the market will appreciate the value of these deals and that the value the Company’s shares will reflect this accordingly. ----

Yes Mike, I'll post tomorrow.

Hey all, the company have come back to me on all my questions. I have pasted a couple of responses below. I am still confident the market will soon realise the value here, it looks like the company is aware that the price has been manipulated as we all know with the likes of Granny and Brokerman, through shorts and misinformation. I used to think that it wasn't possible to achieve that through these sites but it clearly is. DYOR, GLA "The Company will be reimbursed costs incurred by it (including directors and management time) in relation to Los Calatos from the funds contributed by CD Capital." "I would agree that it would seem CD Capital is getting a good deal but so too are Metminco shareholders. Metminco shareholders retain a 30% interest in the Los Calatos Project after the FS has been completed.  Subject to the market at that time, and the outcome of the FS, the value of this 30% will be substantially higher than the current market valuation of Los Calatos of <A$12m for 100% of the project.  Further, Metminco shareholders will be fully funded through to the completion of the FS. " "The reaction of the market to the Company’s recent announcements has been disappointing. It would seem that the market, AIM in particular, is driven more by the influence of traders shorting the stock than positive news.  We are hopeful that in the near future the market will appreciate the value of these deals and that the value the Company’s shares will reflect this accordingly." 

Good news, deal unaffected by los c deal. Things must be positive behind the scenes.

http://www.proactiveinvestors.co.uk/companies/news/123367/metminco-farms-out-peru-and-can-focus-on-colombia-123367.html We just need that comf these gold projects are ours, a little clarity on the farm out and its back to happy days I am sure. DYOR, GLA

Ak, share some of your concerns but not all. I don't think we have the full story yet.

Not yet Mike, I am going to chase Wednesday this week.

Snick any idea while still no comf on gold assets? I'm sure that uncertainty is weighing us down heavily. I thought the interview yesterday also felt rushed and short, at a time when we needed steady and clear. I still feel that there is way too much value here than the market is giving credit for. Gutted we are well below the spp and rights. It's hard when you support the company and this happens. We need the directors to clearly outline to the market how this deal is going to create shareholder value, with accounting figures. Aimho, dyor, gla.

Ok cheers lads. Thought yet more mischief was afoot!

3 trades at 6 in the morning? Can anyone explain that?

Feel your pain. How are we here after we got a long awaited deal on Los C I keep asking myself! Answer I think is that a combination of unclear information and rumour has let some rather unsavoury types manipulate this down through shorting and scare tactics. We need some strong leadership from the board and a clear plan to get back on track.

Via phone call this morning 1 When are we due to get issued our shares in Intelicrypt solutions, it was expected to take 3 months from the February meeting? Slight delay, expected within weeks 2. According to Linked-in Jamie Ridealgh no longer works for the company, is this the case? And if so what is the background to this? Left for family commitments, amicable 3. What is the view regarding our investment into CQCL and the news re Aranco recently. Obviously bearing in mind they agreed to fund it $50 million over the next 2-3 years. No sure on effect and whether funds will still be received, CQCL is continuing as normal 4. When is it expected that shareholders will get to see the accounts for GOS systems and related businesses? Shareholder circular is expected as an update, no timeline as yet. I asked if in 2016 and he said he would think so. 5. Has GOS now been released from the Canadian regulation/reporting requirements it had? Once the restructure is complete it will be 6. Has the following taken place and do we now have shares in CQCL “The convertible preferred shares are convertible into new ordinary shares of CQCL at a price per share that will be 20% below the price per ordinary share paid by CQCL's expected institutional and other investors in a financing that is currently anticipated to occur in 2015” Yes we are now a minority shareholder – circa 3% 7. Can we have an update on our encryption key products due this year please “Touchstone investee GOS Systems has been granted exclusive reseller distribution rights over CQCL's forthcoming Quantum Key Encryption ("QKE") products which will be targeted at governments and corporations that have high security requirements. The sales right covers European sales of the products and the products are expected to be available for sale from 2016 onwards. Development continues, update expected in 2016 I additionally asked about a relisting and he said that it was the ultimate aim, however GOS was enjoying reduced costs at the moment. With an income of a million and listing costs at least half of that the company requires more critical mass. He confirmed that the focus was to build GOS’s sales book and income. He reminded me that they were shareholders as well. GLA