RE: SecretBluePrint4 Sep 2019 21:16
It’s old news that he’s dragged up before and can be found on Drill or Drop if you type in Rathlin Audit Report - He’s stirring the s*** as per usual!
“The exploration company, Rathlin Energy, owed nearly £34m, according to annual accounts published yesterday (7 November 2018).
A statement from the auditors, KPMG, said the debts “constitute a material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern”.
At the time the accounts were signed off, Rathlin owed £33,974,160 to its ultimate company, the Canadian-based Connaught Oil & Gas Ltd.
The sum was used to cover day-to-day working capital requirements and was repayable on demand, the accounts said. Rathlin was “dependent on these loans not being recalled” and there was “uncertainty as to the ultimate parent’s ability to continue to finance the company’s operations.”
According to the accounts, Rathlin planned to settle the outstanding loan through share issues, equity financing due to raise £4.7m and farm-in agreements.”