The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
The recent performance of Galantas has been nothing short of abysmal. Despite continuous promises that paradise is just beyond the horizon, investors have been consistently let down by underwhelming results and a seemingly endless stream of broken commitments. Adding insult to injury, there's a pervasive perception that shares are being diluted to benefit the inner circle of the company, leaving regular investors feeling marginalized and disenfranchised.
It begs the question: when will shareholders wake up to the reality that the glory days of Galantas are behind us? It's a sobering realization that demands a reassessment of the company's trajectory and leadership. With each passing disappointment, it becomes increasingly clear that blind faith in promises of a brighter future is no substitute for tangible results and responsible governance.
So what is the problem? They've got the permits, they've got the people they've got the resource.... or do they?
All the ducks are lined up, ready for the 'golden shot', but fail after fail. Maybe curveball, but what if.... the best days are over, what if there is no gold? More dilution, more placements... pyramids????
Recent fund raiser (placement) could possibly be used to pay off the outstanding £120k fine they received from the court after the safety failures during the mine collapse in 2018.
Flintridge Resources Limited, which operate the Cavanacaw Mine in Omagh, pleaded guilty to the health and safety failings after workers at the mine narrowly avoided injury during the collapse four years ago.
https://www.facebook.com/photo/?fbid=186017197399744&set=a.153914257276705&__cft__[0]=AZXljUbdDCPfscPPO_D5fNz_5KbAuc434FsQxpusPugbaDli4TbLTV7oFSxJ2miBRnSahzOdpi1vVAC_g7HBjo7X2LxONklwnPccV_fibtL9-hBiiM_r4446bvxp4C-cpRb6rJ4GykJat58SBteFcEF7w0IhaLQ6SZvAxx7Bjnk7Ii2LKeQeD1yD9DDfnymOVNI&__tn__=EH-R
Latest news regarding the Omagh mine site-, from Dungannon Court on Friday...
Operators of Omagh based gold mine fined following health and safety failures
https://www.hseni.gov.uk/news/operators-omagh-based-gold-mine-fined-following-health-and-safety-failures?fbclid=IwAR0MertGupFbv8HKemhJxC-XR-IF2tMWx4_-11vkbduIIxnlPUoyvFw2a1E#:~:text=The%20Health%20and%20Safety%20Executive,were%20today%20fined%20%C2%A3120%2C000
but are there any negatives? Surely there must be some concerns, otherwise things would be a lot better than they are now.
I always question when obvious difficulties are not mentioned... and wonder why they are omitted.
Anyone know why Flintridge Resources Ltd, and Omagh Minerals Ltd, are at the Magistrates Court in Omagh on 28th March? Perhaps Sajy, you could ask Mario?
MAGISTRATES DEPARTMENTAL at OMAGH COURTHOUSE on 28 Mar 2022 in COURT
10:00 PE, 22/019201 FLINTRIDGE RESOURCES LIMITED
10:00 PPS SUMMONSE, 22/01916, FLINTRIDGE RESOURCES LIMITED
MAGISTRATES DEFAULT REVIEW at OMAGH COURTHOUSE on 28 Mar 2022 in COURT 2
10:30 FCS Referral, 19/055388, OMAGH MINERALS LTD
https://onlineservices.courtsni.gov.uk/publiccourtlists/
I guess Galantas didn't have a lot of options... but this deal is reckless to say the least.
• The Loan matures on July 31, 2022 (the "Maturity Date").
• The Loan will bear interest at an annual rate of 10% compounded monthly payable upon repayment of the Loan.
• US$20,000 structuring fee has been paid to Ocean.
• US$40,000 consulting fee will be paid to Ocean, to be invoiced separately by Ocean.
The Loan is payable six months from date of closing of the issue of the Loan (the "Closing") and will bear interest at an annual rate of 10% compounded monthly payable upon repayment of the Loan.
Further dilutuion.....
As consideration for providing the Loan, Ocean will receive upon closing of the Loan Agreement, 250,000 warrants of Galantas (the "Bonus Warrants"), subject to acceptance by the TSX Venture Exchange. Each Bonus Warrant will be exercisable into one common share of Galantas for a period of 12 months from the Closing at an exercise price equal to the closing price of the Company's common shares on the TSX Venture Exchange on January 24, 2022.
Not 100% sure if this is related to the mine site?
https://wearetyrone.com/uncategorized-en/police-appeal-after-business-damaged-on-upper-botera-road/?fbclid=IwAR2-kUAPcRFNoH0Nc5tILvbaJLYXB81G7BXSD8SXktNfb1nKyfjGED3o6dI
Report on RTE national news yesterday-
https://www.rte.ie/news/regional/2021/1128/1263654-gold-mine-protest/