Member Info for Edgein

Vote no to consolidation and repeat…

Yeah it has to be repeated until it sinks in as there still seem to be some consolidation deniers about. As for trusting the board its interesting how quickly the basis for consolidation (to facilitate future fund raising) is just brushed under the carpet by the devotees, do you just pick and choose what to believe. Perhaps if you close your eyes it will all just go away.

But us that live in the real world are actually doing something about it before the 22nd May.

Regards,

Ed.

TLM,

While what you are suggesting isn't impossible, its unlikely. They first have to spend $500k AUD within the first 12 months and then an additional $1m beyond that to earn in phase 2. Current campaign is 2000m, they would need to expand that significantly to cover that sort of expenditure. If they suddenly announce that they're extending the current campaign 3-4 times bigger you might be onto something. However if they do expand the current campaign I was thinking perhaps another additional 1000m or even 500m for a couple of extra holes. We might know if the next week or two if they've hit what they expected. I keep watching everyday now to see if we get an RNS re-Brazil, perhaps get Mambare sold first though.

Regards,

Ed.

Bob,

Almost, there's a little tidying up for shareholders to do by the 22nd May, well those that care enough about their holdings rather than the few with their head in the sand. After that yes, hopefully the release of the bulk of shareholder value will be at the hands of a new JVP and operator of the Frontier discovery.

Regards,

Ed.

Ash,

Yes that's why many of us remain invested. The assets are still there, there's potential for a JV to get these developed, in fact in the recent few weeks it seemed that Art had turned a corner for the better. But the timing and handling of this special meeting document is questionable for many here, why not put the contents of that out in an RNS? So there are things ongoing that LTH shouldn't just dismiss or pretend aren't happening and they certainly do potentially and dramatically impact on our shareholdings. Completely wrong timing for the consolidation proposal. If it is indeed for a US listing (and that's not what the document says), do it at a time when the company is operationally strong. BFU production rising or maxed and JV drilling. I'm hoping that the first good news we get will be on the 30th May, fingers crossed.

Regards,

Ed.

llywelyn,

Share prices are never permanent they move all the time and unfortunately if you had been in for the last consolidation you would know that it didn't increase shareholder value its down about 90% on where it was after relist. The way to build shareholder value is develop the assets, consolidation doesn't do that.

Regards,
Ed.

Confounded,

It sure is a 7 hole programme, some holes will be deeper than others and in total was to take several weeks to drill, They believe that the targets aren't that far below surface so would know pretty quickly if they hit carbonatites from their cores. Just google carbonatites and you'll see what those look like, quite different to any overburden that they'll be drilling through. So if they hit they'll know pretty quick (obviously won't know if commercial grades till assayed). To extend that drill option to extend the campaign I'd imagine they'll do that while drilling these holes rather than demob etc. Would they have enough info after the first couple of holes, perhaps.

Regards,
Ed.

Genghis,

Quite simple a 100-1 consolidation reduces your shares by 99% you start of for example with 1,000,000m shares you after consolidation have 10,000 shares left or 1% of your previous share holding, likewise 1000-1 consolidation reduces to 0.1% of previous shareholding (1000 shares). Those share are temporarily worth more per share (and the equivalent value prior to consolidation). Its what happens next is the issue and history here tells its own tale. So time for a change not a rinse and repeat.

Regards,
Ed.

Genghis,

If Art still has a job after 30th of May and we are lucky enough to have enough shareholders give a damn about their holdings and reject the consolidation, perhaps then Art will focus on very careful use of the existing $15m funds and these additional financings in that document may remain continginecies like you suggest. That should be more than ample to upgrade the BFU.

Regards,
Ed.

Genghis,

And what happened after that though, did they do what most other consolidated companies do? Dilute and decline? At £5.00 you only have 1% of your original holding left, but it gets much worse once the discounted placings start and note the word financings. We've seen what it did here, those of us here prior to Atomic have already been reduced 100-1 and the share price has went from 60p-5.5p and now the solution is to do the same again or one step further to 1000-1 if they decide to do so. It didn't work last time, time for a change in strategy perhaps by actually developing these large assets.

Art is keen to emphasise how stringent the NI51-101 is and how we've at least 40.5mmbbls of extractable oil, what a great place to start to get the share price up the old fashioned way.

Regards,
Ed.

Clockface,

Yeah chap I've voted against the consolidation as its turning into groundhog day. Its time for Art to find alternatives to get the share price up. Most of us that have been posting on ADVFN and here for the last years on COPL have had enough of this type of nonsense. Its time for LTHs to take a stand before its too late. 1 share = 1 vote, 1 bond = no vote. Its time to send a clear message.

Regards,
Ed.

Leew,

Unfortunately the mass dilution argument isn't unfounded. When I first bought into COPL I think they had something like 600m shares at the time. Then Essar issues etc up to 16.5bn, that did include buying Atomic. Then 160m ish and now heading for 1bn potentially again (although if Art gets BFU production up and JV production coming in may avert some of that dilution). But then we get this from the illustrious document:

Basis of Share Consolidation

The Board is of the opinion that, in the future, it may be in the best interests of the Company to effect the Share
Consolidation, and such consolidations may enhance the marketability of the Common Shares and could facilitate
additional financings to fund operations in the future. Accordingly, at the Meeting, Shareholders will be asked to
consider and approve, with or without variation, by way of special resolution authorizing an amendment to the
articles of the Company pursuant to subsection 173(1)(h) of the Canada Business Corporations Act ("CBCA"), to
consolidate the issued and outstanding Common Shares on the basis of one (1) Common Share for up to every one
thousand (1,000) existing pre-consolidation Common Shares possibly in separate consolidations, or a lesser number
should the Board so decide.
Although approval for the Share Consolidation is being sought at the Meeting, such a Share Consolidation would
become effective at a date in the future to be determined by the Board when the Board considers it to be in the best
interests of the Company to implement such a Share Consolidation, for example in order to facilitate a financing or a
corporate transaction. The special resolution will also authorize the Board to elect not to proceed with, and abandon,
the Share Consolidation at any time if it determines, in its sole discretion to do so. The Share Consolidation is
subject to Shareholder approval and to CSE’s/LSE's approval, if required.

"facilitate additional financings to fund operations in the future."

"facilitate a financing or a corporate transaction."

So risk of dilution after holders are squished looks quite high, so personally not giving him that option.

Regards,
Ed.

Nige,

That's possible, they probably should have a couple of holes down by then, circa 200m is not that deep. If they see the right mineralisation they'll exercise that option according to Riversgold. That would be awesome if it does transpire. I'd imagine they'll start on the biggest of the anomalies for the first holes. I'd need to check the news release again but I think it was 4 or 5 holes they were going to drill into the largest target.

Regards,
Ed.

Hi Nige,

Honestly no idea how much they'll get from the sale of Mambare. Its not got much in the way of reserves but is very large in terms of resources. Management suggested a highly attractive valuation for JV which clearly included Mambare, so it would have to be on par with that. What % of that was made by Mambare vs Wowo will have to be negotiated between Battery Metals and CRCL.

With the Chinese coming in at a premium of almost 100% at the time (0.4p), sale of the FSG, sale of part Mt Weld and new cornerstone invest I could see us currently on about £1.5 or £2m in cash. Also JP was taking salary in CRCL shares. Mambare is clearly in additional to this, I'd imagine that our cash balance and today's contribution will go towards the first oil and gas acquisition as clearly hinted at today. Lots of news due now from Mt Weld drilling campaign, will they extend that drilling option soon? Canegrass completion and perhaps our first oil and gas production.

Regards,
Ed.

I4TLT,

Well the fact your not happy about it let him know. Yeah I hope his focus is on getting that production up and creating shareholder value.

Regards,
Ed.

Harry,

Yes it will be a vote in the room and those cast by proxy.

Regards,
Ed.

I4TLT,

So are you happy enough to have 99% less shares then?

The likely options are 90% less shares (10-1),
99% less shares (100-1) or
99.9% less shares or (1000-1),
or none of the above (against)

Regards,
Ed.

Hi Nige,

Apologies for the delay getting back to you, been a hectic morning. They did hint at rebrand in April so much have thought they were close then. So now that focus and perhaps now priority is one our first acquisition its exciting for sure. Past interview suggested that could take us to a materially higher market value alone regardless of all the other things going on in the background. The reasons for me buying here, the large Ni assets and the JV, may become less relevant after a possible move into Brazilian oil and gas production. The potential of onshore Brazilian oil and gas is immense for a company our size, just look what happened to LBE recently, can you imagine if Mr Karam and CRCL can come up with something similar?

Regards,
Ed.

Ghengis,

So are you prepared to lose a large % of your share holding then to allow American investors in? Plenty of oil and gas companies listed in London are successful without American institutions in and gain value without American investors. To re-rate this company is quite simple 1. Don't run out of money 2. Get your current hefty 2P developed. 3.Get the JV done and they'll do a much better job of releasing shareholder value. If Art can't get that done by any other means than consolidation perhaps it may then be a job for someone else. Lets see.

Regards,
Ed.

Apologies Nelson for missing your post. Absolutely to attract sticky investors he needs to establish stable flow rates and give projections for future production and success. That's it crawl before he can walk or run, not try to be the next Occidental on 1300bopd. If he wants to get the shares in issue down, get to 10000bopd through the BFU and Frontier and start share buybacks rather than shareholder revolts. :)

Regards,
Ed.

Ghengis,

Feb 1st RNS doesn't inspire confidence of forward thinking. Reading the document regarding the AGM and special meeting gives the reasons for the consolidation. Sure its not material to the production plan. If you don't see implications of holding 10 times, 100 times or 1000 times less shares followed by dilution (there's lots and lots of bonds still to convert minimum) then that's fair enough, yes its not got implications for production its got implications for your holding and its ability to gain future value. It might be OK though, others will vote to try to save your holding for you. If successful you can thank us later.

Regards,
Ed.