Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
I believe we will have avery good idea on Satuday as to whether Canmax are in or out.
A "yes" vote means they are in. A "no" vote means they are out.
Is anyone planning on going? If so, would they be so kind as to update the board for the benefit of PREM shareholders here?
Although I'm sure our new resident KODDER in disguise (who only coincidentally I'm sure came when Raaydaar left) would also like to put his negative spin on whatever the result is too.
Acker - just in after a round of golf to see the RNS. My take on this and where we currently is that £300,00 is an interesting and relatively small increase on the previous £1.7million. I'm not really sure why GR has taken off the interest part and I'm unclear if the option to have the amount repaid as shares has been removed or not as there is no reference to this. Why such a small increase and why now is more interesting.
I think Canmax are waiting on the constant production of SC6 before committing to any deal GR has put on the table and sadly I'm assuming this is still not the case or the deal would be signed. GR won't accept any deal that has timescales on the constant production of SC6, nor will he put Zuluup for collateral. So everything is currently up in the air still.
With this in mind, I don't think anyone knows how Canmax will vote on Saturday. I'm sure GR has the details of the voting situaion without Canmax and it may well be the case that their vote is pivotal. If this is true, I feel that Canmax are in a rather awkward position.
They vote "no", it's game over in the relationship, GR will need to find both alternative short term funding and also a long term replacement for Canmax. With the small increase in loan, I reckon a new partner is potentially close to step in. Canmax will then lose their offtake, will have wasted 18 monhths or more, funded a Plant for PREM with no benefit to them and because of FM, they won't necessarily get their money back soon either, should a new partner deal not be close (GR wil find alrternative funding should a partner deal not be close.
But, they vote "yes" and with no constant production of SC6 they have given GR far more leeway in how to proceed and given him the upper hand in deal negotiations. The extra £300,000 will extend the period in which GR has to negotiate a better deal with Canmax.
Or of course, I could be talking rubbish!
Clueless - tend to agree that I'd rather people stuck to their own boards. But, as you know, they only have the same problem because their clowns are here 24/7. The thing is, on this board we have our own people posting their concerns regularly (I was called a deramper once).So it is quite balanced I feel without the KOD clowns and their agenda. THey are not needed. From what I have seen, there is more of an arguement for some balance over there though!
Back to PREM - I'm expecting something this week. An update on Canmax, if not a resolution yet.
I reckon Canmax are waiting for SC6 confirmation and GR is waiting to see how they have voted.
If both are positive, the SP should fly. If both are negative, more uncertainty.
Clueless - you could trade it on the news, but be careful. I wouldn't want in before any news lands as if it's funding pulled, you'll be done a hell of a lot.
Agree regarding the situation in the area. Very worrying times for everyone. Mali wouldn't be place I'd like to be in under any corcumstances right now.
Clueless - If funding does get approved, I wouldn't touch this will a bargepole for a couple of years if I were you (unless you fancy a trade possibly). What will be the catalyst for SP rising in those 2 years? Nothing. The SP will spike if funding is confirmed then drift back down to lower than where it is now for 2 years. Then it might be worth a stab I reckon.
Matt - you clearly haven't a clue. KOD will be nothing more than an exploration/prospecting company until it actually mines something. The clue is in the word"mining".
So KOD will not be a "fully fledged junior mining company" until a minimum of 24-36 months, and thats assuming that nothing goes wrong in between, which literally never happens.
As for "de-risked", I really don't know what planet you're on if you think that if (and it's a VERY big if) funding gets approved, there is still a whole load of risk. (And for a paltry reward too wfter the Chinese and Mali government take their cut)
Wow the people in here.
Ricky - it appears to me that an extension is the BEST outcome currently for the SP short term. It’s either that or the rug gets pulled completely. In both scenarios the SP will be lower than it is currently.
Last weeks RNS was not a good one, contrary to opinion here (as I described why on the day).
It all stinks of problems here.