RE: SP17 Sep 2021 19:01
This is why we don’t get anywhere with Gati.
“ The Agreement provides for a committed term loan in Pounds Sterling in an aggregate amount equal to £1,000,000 (''Facility A'') to be made immediately available to the Company for general working capital purposes. The Agreement further provides that the Company may request a further facility in the form of an uncommitted term loan in Pounds Sterling in an aggregate amount equal to £700,000 (''Facility B'') provided that the Lender will have full and absolute discretion over the granting of such request. The sum of the principal amount outstanding under Facility A and the principal amount outstanding of Facility B (together, the ''Convertible Loan'') is to be repaid in full, together with any accrued and unpaid interest, on the date falling two years after the date of the Convertible Loan Agreement, being 25 October 2021 (the ''Termination Date'') and carries interest at an annual rate of 8% of the Convertible Loan, to be paid in arrears on the last day of each month. The Company shall pay to the Lender an arrangement fee in the amount of 6% of the amounts drawn down under the Convertible Loan.”
PERE is Gati’s little play toy. It will undoubtedly find more copper and make more money, but you have an oligarch who has no checks and balances. Lend my money to my company? Why not? Why don’t I charge it 8%? Even better, why don’t I have an arrangement fee of £60k? Yes Gati, help yourself to that.
Sorry Gati. What did you have to arrange, exactly? Did you have to arrange to be in the same place as yourself, to sign the document?
Any idea what this ipo involves? No. I have no idea either. This is a CEO/Chairman, that has ZERO accountability. This is the guy who can’t bring himself to update the market properly, every quarter. We produced x concentrate, Sumitomo sent us y dollars. That’s it. That’s your update. How much ore, from where, what percentage copper in the ore, what gold credits, what silver credits?
NOTHING! I wouldn’t trust him as far as I could throw him. One person will benefit from this IPO and that’s Gati. Shareholders MAY benefit from the IPO, but that’s probably going to be accidental.