Member Info for EricDraven

Pocko, Oaktree and Tak, good to hear from you. Decent thoughts about what’s occurring here.

Best wishes all.

Agreed SJ. It needn’t have happened like this. Bowie ensured that it did. He is ultimately responsible, yet seemingly irresponsible.

I won’t post as much today, but might pop on tonight, to see what has occurred at our meeting in Sweden this afternoon.

Morning all.

Yes, I think we are all agreed, in that Kallak is the only real proven asset, as it’s the only one to be of commercial mineable value.

What a terrible day.

Have a good evening all.

The dilution is the problem. It is masked by these A shares and proposed capital raise below our nominal value level. It could be worth a fortune altogether, but then divide it amongst the amount of ordinary shares in issue and it looks like a different situation for us. Court decision being a positive outcome then we must pray that the sp responds. But Ed has decided to try and raise a lot of money now, at a derisory price, rather than perhaps staggering it to raise again on the babb back of the Court ruling.

I’m just musing but also suffering from acute brain fog.

Thank goodness today is over with and the markets have closed.

Not sure how to value Vardar especially, as nothing commercially exploitable has yet been found. Still early stage but it always seems to be.

I don’t know Sooz.

I don’t want to quarrel either. Maybe there will be a sale lined up already for Vardar, or why would we need to get the 100% when we already have a controlling interest? But see below. Lol.

Pocko, you’ve made some great points today, unfortunately going private would be easier if we own all projects, barring the sale of any or all of the three project companies.

Yes, Bowie is supposed to be our representative, but based on this proposed capital raise alone, I’m sure that Rod, Jane and Freddy could have done it better.

Suzy, then I’m wrong and you are disappointed. I’ll leave it at that, but I was going off how you usually respond.

I don’t believe it’s easy to fathom what’s going on here. We have this world-class asset, the largest unmined, top quality deposit of iron in Europe, we’ve been granted a mining concession when it hadn’t happened previously for any new potential mine or related conpany for 12 years or more, and yet we are left raising money at 0.61p, 39% below our nominal value amount of a penny. So how does one equate to the other? What aren’t we being told?

Something absolutely stinks about it all Suzy, in my opinion that is.

The only glimmer may be that we will now own 100% of all project areas, so flogging the lot would be easier.

If we think about it, in spite of our asset base, we couldn’t raise the funds last time either, and 2.06p seems joyous at this point, although at the time it was another 40% discount which many of us believed was disgusting. So very poor even since then and look at it now.

Suzy, in my opinion, this morning you were trying to stir the pot again before reading the RNS releases. You are automatically cynical of Pocko’s posts, which isn’t always the correct approach. Today’s news is a shambles. It’s difficult to remain positive.

Not at 0.61p though, when the previous was at 2.06p. Had Bowie not mentioned the fundraise a few weeks ago when the sp was well above 1.5p, then surely the discount wouldn’t have been so grim. Unless he wanted it this way. He could have mentioned the potential share reorganisation and discount together in today’s RNS. With a higher discount price, even above the nominal value of a penny, still a good discount to what would have been the prevailing sp, so no need to mention the share split at all then. But no.

Has anyone considered that Bowie may have engineered this on purpose to suit an interested major investor?

If he hasn’t, then again, it’s a mark of total incompetence. Either way it’s a fu.kin’ disgrace and so is he.

My view only.

Before you comment then Sooz and begin any sniping, please read the RNS x 2.

They are worth reading and you owe it to yourself to do so. Let me know what your thoughts are.

“……The Capital Raise has also been structured such that existing shareholders will be preferentially able to take part in the Capital Raise and therefore mitigate the impact of the discount."

Pmsl. He’s trying to make it sound as if we should be grateful for this noble action. What about your useless bargaining power Ed, to strike a deal at 0.61p?

You should be ashamed of yourself and take a pay cut equivalent to the percentage discount you’ve given, then after we’ve had the Court decision on Kal, fu.ck off!

F.ukin’ wa.nk RNS releases.

SJ, I don’t think “ouch” is strong enough. 0.61p over here. Bowie has had six months to ensure this didn’t happen. And we are still keeping Vardar running while we almost go under. What?

As I said yesterday, a spanner.

Bowie is a complete spanner.

So that means you don’t have to vote against the share reorganisation. Lol.

He’s a worry for sure, so a good day for Sweden now they’ve joined NATO. Safety in numbers.

Aye, that is good news.