Member Info for grsshaw

Nice price BigPat - did you mange it in one transaction at 8.15 or did you have to place at 8.00 and wait a few minutes to deal?

I feel now that any placing or dilution is not going to happen it may well entice a few investors to look at AEX again, maybe not this week, but maybe back on the radar. The slight delay with 3D may stretch this out though

Interesting that after all the time AEX/ARA have had to look at the cashflow situation, that the $1.7m loan was agreed but very little details confirmed (start date, percentage, monthly payment/end of period, when is the payback date etc..) Is this loan maybe a short term solution and they needed to put in place for the auditors to sign off going concern?

Still pretty confident we will see some actual changes in Tanzania, it has a been a little over 3 months since the new president was sworn in, so still time to see changes to signing off 3D and hopefully monies owed and getting KN1 reworked and back on line. Anyone any ideas why $1.7m is required - operating costs should be under $1m now so not sure why they will need an extra $700k and potentially pay interest on (subject to the loan details of course)

Test burn has been confirmed in the EOY report that they will be later this year so assuming you mean the emissions results, if so, I'm not really sure these will be published via RNS!

'I have a feeling they were diluted under 3% during the cln conversions. Richard we know Ron hasn't notified as yet. Why..no idea'

Stifler, Mr Spinks sold out 9th Sept 20 - CLN announced 1st Feb 21!

"RMDE is a wholly indigenous-owned business and has been incorporated by Grand Chief Ronald Derrickson, RMDE's controlling shareholder and one of AEG's long-term shareholders. RMDE has an in-depth knowledge of the CoalSwitch™ technology and has been working with a broad spectrum of partners including government, industry and off take partners to develop commercial opportunities within the Territories."

I still don't understand how a simple license that appeared very straightforward and payment of $1.8m was exchanged (at a desperate time of need!) has turned so sour! Also, on top of this it pushed Mr Derrickson and Mr Spinks to sell all their shares who were long term shareholders and great believers in the technology - just what happened for this to turn so sour!

All seems very strange when one minute they shouting about AEG and the next selling all their shares and then completely fell out and taken legal action!
I never did remember seeing a shareholder notification that Mr Derrickson sold his shares either - I did for Mr Spinks, but I thought Mr Derrickson had more shares!

The question is will the licence fall away quietly or will RMDE have some redress re the licence fee that was paid and potneialy compensation!

I always thought RMDE would be the one to buy out AEG TBH!

Bang on Rendj, I think you have hit the nail firmly on its head with your observations of Mr Rowan. I've never met him and don't intend to either!

Refreshing posts Bagga018 and good luck - I do hope your long term investment pays off!
When I sold out it was because of the huge amount of CLN and time was running out. Quite how they managed to covert them and obtain approval was to be fair a difficult and as I thought an impossible task. If they didn't sort it would have been the end of the road, which is why I sold as I was very worried about the situation.
I have made money from AEG in the past and sold into the profit then came back around the Newfoundland debacle. I took a hit last year when I sold but was happy to do so at the time!
It is clear that AEG is in a better place than before the CLN clear out but the recent spending of more money when they just started to breath again is of great concern. In my opinion the whole situation is down to management of the permits and the AEG team should have been on the ball with the micro detail. They should have just started with a 2 or 3 tph plant which would have been under the permit requirements. Then added onto the plant as they would have had actual emissions to prove the concept as they expanded
If Mr Rowan does leave AEG I would at least be a 'potential' investor again

Good Luck

Bagga018, I fully understand my posts come across as negative, but I am just highlighting the facts as I see them. I am not attempting to lower the price so I can purchase - I said I wouldn't buy back in until you know who is gone and that will then depend on cash situation

I do see one light at the end of the tunnel and that is to sort Lumberton out using the recent emissions data obtained from Maine production. With two board members now in Lumberton they can hopefully meet up with local environmentalists and also to personally present and work through the emissions for permit update - they need to get them all onside!

If they can get Lumberton back on line then this, in my opinion, would provide a boost to the SP. You do need to be realistic though re the funding situation as they have already raised considerable funds and these are underwater from the 1p price and have been for some time! Are there any other investors who will put more money into AEG, maybe, but I bet it will be at a considerable discount!
I like the technology and I like the solutions it offers to the New World we now live in but you need to get someone else with knowledge and experience to take this opportunity forward!
I am happy to have a sensible debate here as I have some history with being a shareholder (now ex-shareholder) for some time If you are looking forward then great which is the right approach, but you do need to look back sometimes to see how this has been previously managed and some of that team are still in power!

No mention in the full year results re progress with Ruvuma and KN1 in Tanzania, just news up-to 31st Dec which is already known!
No mention in the SCIR brief interview!
No mention in Macy's update!
These assets are by far where the most value is at the moment and nothing, they all just ignore as though the on paper asset of $20m does not exist past 31st Dec - that can't be right surely!

Whats is really happening I wonder!

Also no update re the license law suit - what cash do they have to defend any legal challenge. I understand if legal proceedings are taking place then no comments can be made re the detail, but they could have updated top line information.

Feel another fund raise is going to take place, and the only way to get themselves out of this low price point is to sell another licence (not sure who would do this when the original licence is currently being challenged and they want their money back) or another burn test from a large coal burning company would certainly help! Not a great position to be in!

Need to also review that even after all this time, cost, disruption, continuous changes in stratergy and massive dilution AEG have only just managed to actually produce a minimum amount of pellets. To do so they needed to use all the cash they had recently raised PLUS they also managed to dilute the turnover/profit share by 50% using the only temporary working plant that they only own 50% and at the same time mothballing their own plant! Past performance is all we have to go on and it doesn't look good - I really do feel AEG need to make some changes at the top in order gain investor/market confidence - its like Newfoundland and Labrador all over again - and what a mess that was with confusion with the news announcement and then temporary share suspension - massive amount of time and money wasted there as well and just left to expire! The delivery of the first order of Coalswitch should be a massive news update and they announce on Twitter rather than a RNS - guess what, the share price falls again!

It mentions in the update further funding will be required as they have used all that $7m they raised on the 2 plants (see below) my take on this is to review end of Oct at the earliest here or review at the next placing re placing price and who is the CEO at that time

I am assuming they will not want to get into too much debt again and will come back to the market for further funding, but that means even more dilution!

They did well to deliver on time but of course no one knows when the burn test will be completed.

'The Financial Statements have been prepared on a going concern basis. Note 1 of the Financial Statements lays out the material uncertainties relating to the Company's ability to continue as a going concern. The proceeds raised in February 2021, after fees and certain CLN redemptions, have been used to construct the CoalSwitch plants in Lumberton NC and Ashland Maine, and further funding will be required in the coming 12-month period to finance expansion of CoalSwitch production, additional research and testing programs and marketing activities'

Good Luck to All

hku821, you may have to wait some time for the burn results, which I guess will mean Lumberton won't be producing until then - see below

Aploigies, emissions for Lumberton will be used from the production from Maine plant not related to the burn test results - wouldn't want to mislead anyone!

Spot the mistake!!
Looks like SCIR was a cut and paste from last year comms and they forgot they are now paying for 480 sq not 400 sq - only a 20% increase so you can understand why they may not have noticed!!

SCIR today
"ARA has moved swiftly to seek approval of a work program and budget to acquire a 400 sq km 3D survey...."

AEX 10th March
APT has presented both the joint venture partners and the Tanzania Petroleum Development Corporation with a revised schedule showing seismic acquisition taking place over 480 km² during the second and third quarter of 2021 with processing being completed thereafter. APT is in the process of awarding the initial contracts for the new high-resolution 3D seismic.

Also, very disappointed to read that after investing to buy out Lumber operations they have now changed their mind and are not going down that path, this was one of the main parts a little while ago the brokers where predicting good profit from and so was AEG!

Looks like sawmill is going also, but this was intially sold as a good fit because they can use the waste wood generated from the sawmill for Coalswitch - win win! What are they going to use Lumberton site for now - bit of a waste of money buying that large site!! Might become a liability rather than an asset!

On a positive is this a sign that decisions are being taken off Mr Rowan as Lumber was on his watch!

Appears to me they are going to sell small scale Coalswitch plants to lumber businesses as an add on and player will provide the plant and training etc..

hku821, you may have to wait some time for the burn results, which I guess will mean Lumberton won't be producing until then - see below

With visibility on a construction timeline for the Lumberton Facility, in December 2020, AEG was pleased to announce the first commercial order from PacifiCorp to test CoalSwitch fuel in its coal-fired power plant at Hunter Valley in Utah. The fuel is to be used for a test burn, co-firing with coal, monitored by both the University of Utah and Brigham Young University. The results will be published later this year to demonstrate the co-firing results from CoalSwitch and the emissions benefits.

Sorry, not sure what you mean Stifler!

I haven't got time to go back and read through all the RNS's but again there appears to be lack of understanding what these changes actually mean!

My interpretation may well be different that yours of course though!

Bagga018,

The JV has already secured sufficient waste hardwood residuals for the first CoalSwitchTM production from lumber partners in close proximity to the Ashland Facility, enabling AEG to meet its existing and future product orders.

20th May RNS

Its all very confusing as Lumberton was agreed on % of different woods to be used in the make up of the pellets

Hope this helps

Mr Rowan should have arranged to meet with Lisa Sorg at Lumberton when was possible in order to sit down with her and possibly her legal contacts to fully explain the situation. Instead he ignored her comment s and thought she would go away, just made her even more determined - wrong strategy Mr Rowan, wrong strategy!

Bagga018,
Sorry, I didn't use the word 'couple' that is your additional input to my message!

Anyway, its just too close to have any comfort and why would you trust what they say anyway as they have not really been upfront on any of this plan B option have they? Remember they still need time to deliver the pellets as well - which assuming by the date we are on now some have already been despatched as testing starts next week, but if they have been despatched why have they have not confirmed this - even using twitter if its down to cost! (just hope they have more than one delivery truck!!)

AEG has lost total momentum here and has lost investors confidence in such a short space in time. This is a total shame as if this would have been executed well the new investors would still be around and probably putting in even more cash!

I personally think Mr Rowans days are numbered due to this total mess, especially if he doesn't pull this off. Anything can happened in any stage of manufacturing/delivery but what surprises me is how will they quality check the pellets with the little time they have available before being delivered to test burn! Maybe that's why they are using hardwood only for this first order as they can't predict the outcome using waste-wood!!

So much time, effort and money invested here and its future comes down to days/hours deadline! Such a shame!

The main point here is that investors should not be in this position re deadline for such an important stage for AEG after all this planning and money spent so far. It stinks of panic and last minute management and is looking like it's down to hours if they make it or not.
Personally, I don't think the delivery deadline is that critical and if its pushed out slightly due to the issues/excuses won't make too much of a difference, but the management should be managing expectations for customers but also investors and keeping them up to date. After all this time, investors are then last to know and left to second guess whats happening!

Not acceptable, but expected following the fund raise!