Member Info for KlueLoss

“The par value of each Existing Ordinary Share is 1p and it’s apparent to the Board that the current value of each such share is less than 1p.”

If we don’t agree to this they can’t issue anymore Ordinary Shares because the SP is now below 1p. AB has said to many shareholders ‘the co. has never been in a better position’ but the SP according to the same board is now the lowest it’s ever been in history so much so that we can’t issue shares unless shareholders agree to divide the par value by 20 (£0.01 current or value /20 = £0.0005) which means that they can raise a maximum of £1,500,000 at £0.0005 which equates to 3,000,000,000 (3billion) extra shares if raised at that value. That would increase shares in issue 10 fold. Worse case scenario of course. Even at 1p that’s an extra 150,000,000 shares + 19.99% of the increased share capital for Revelo.

Pretty damning.

AB and directors happy with outcome and see handing JLP 87.5% of KOL with right to acquire 100% of issues shares of EML as a great success as we have avoided having to find our share of CAPEX.

Ester has been canned and handed back to its 80% share to the JV partner.

We paid Blue Square Materials (not minerals according to page 46) £614,660 to help with restoration of SML.

We are out of Zambia with just the small matter of what is actually going to happen with the Royalty. Although the annual report reaffirms previous statements about us getting 11% of JLP take up the rights to acquire 100% of EML the fact remains Borrelli has publicly stated this was to be hived off into another co. and has now decided after having a conversation with a significant minority shareholder that BMR shareholders interests are not served by retaining what little value there was when giving up its main asset and it would be best if we used it to leverage a baws deep dive into a complete unknown with no guarantees because that would be in our interests. I would assume we all know who that shareholder is and they want to sell their shares and get there £500,000 back at least.

So far, the new enlarged capital will be at minimum 20% bigger than now. There’s some form dilution/placing to occur so add more on-top of that and also the new management to be incentivised with up to a further 10% in options. LTH will be wiped out entirely if they hadn’t already been. JLP, the Directors, Tiger Resources, Colin Bird and Revelo will take full control negating the need to ever take into consideration private shareholders concerns ever again.

The Royalty arrangement will only come into effect on implementation of the acquisition. The Directors believe that for BMR little value will be attributed to the Royalty until it comes closer to generating cash flow, but that the future cash flows from the Royalty will then become increasingly valuable for BMR.

I see no mention in the annual report about ACI and how the co. are progressing in getting the money, they handed to them, back.

Anyone else?

The Group’s cash and cash equivalents as at 30 December 2018 of £104,517 (2017 £154,969) comprise cash at bank and in hand.

The Company’s cash and cash equivalents as at 30 December 2018 of £52,310 (2017 £11,205) comprise cash at bank and in hand.

The Directors considered the possibility of holding the Royalty in separate company to protect shareholders’ interests. However, further to discussions with advisers for the next stage of BMR’s development, in order to generate value within BMR for rising funds and pursuing a re-listing with a target acquisition, the Directors have decided that BMR would secure greater value by including the Royalty within the Group.

The Directors have consulted with a number of shareholders representing a significant minority percentage and understand that there is a strong preference for BMR to pursue a strategy of strategic acquisitions with a view to re-listing of the share capital on an appropriate stock market.

....

We propose that options will be issued to the management team representing 10% of the issues share capital as enlarged by the proposals.

3CB - said it forever and a day, nothing Borrelli states ever happens.

I just want to know for sure, is he a serial liar or genuinely a bumbling incompetent berk, in either scenario he should’ve been gone 18 months ago at least.

Alex Borrelli has been in charge for 5 years this coming October.

BMR have been in suspension for two of those years.

In that time he has...

1. Lost control of the Kabwe mining licence.
2. Handed control to the Kabwe project to JLP with no confirmed agreement about the status of the Royalty.
3. Spent much needed capital on Ester project in Portugal, which had no synergies with the business in Zambia.
4. Once discovering valuable Vanadium present at Kabwe failed to get it valued or a JORC potentially losing millions in value for shareholders.
5. Sold Star Zinc for less than he bought it for within a year of owning it.
6. Tried to bid for MTR right before a capital raise at 7p knocking market confidence leading to a very low take up.
7. Issued himself a pay rise for his efforts.
8. Probably more than the above.

He says ‘he has never put a foot wrong’ as the director. After 18 months suspended he still hasn’t produced the accounts, no tangible update on the Royalty and he now wants us to vote to ensure he and the board have total power to dilute shareholders into dust because Colin Bird has an investment in a company prospecting in Chile which according to their own presentation (http://www.reveloresources.com/content/125/RVL_Corporate_Presentation_201907.pdf)has spent $25.5m already to get to the position they find themselves in (page 5)

‘KlueLoss you’re so negative, look at the positives’

We’d be better served with the Royalty (if it still exists) hived off into a co. and that’s it - sell once JLP are making the progress they’ve outlined. Make AB sit on his hands or just leave.

Who would vote any of this through without knowing what is happening with the Royalty? Speak to AB yourself, he is clear in stating that nothing has been finalised with the royalty. Nothing has been agreed. We could find that the Royalty is gone for pennies.

His words ‘the co. has never been in a better position’ What is the position you spiv?

Not at home but missus has said I’ve received something from Neville Registrars - guessing that’ll be the circular?

Think Alex is waiting for any potential further lows in the GLR share price before he will consider selling our holding.

Prepare yourselves for confetti.

Yes there was a Copper Plant. This what borrelli said at the time

“The Company has recorded in its books a value of £103,608 attributed to the copper leach plant acquired from a Chinese company and items of equipment at Kabwe. In practice, there is no value that can be attributed to the plant as there are no economic copper interests to process at Kabwe and there is inadequate machinery for the plant to be used for effective copper processing. Furthermore, it is impractical to move the plant to Ndola for copper processing as the Company's copper interests there are considered to be invalid.“

Alikhani has his finger in lots of pies, all of them were empty though according to Borrelli who writ all Copper assets down to zero

On Ndola/Chingola and other Copper projects -

“ the Company did plan a pilot programme intending to produce copper cathode from the tailings at Ndola, although this was discontinued. The joint venture companies were set up in conjunction with the joint venture partners with a view to running the copper project as outlined in the 2013 accounts. The Directors have now concluded that there were very limited copper interests held within the five joint venture companies, they have very little value and they have now been fully written-down.”

Desperate shareholders will hold their nose and support Borrelli because they don’t believe anyone could have done a better job. JLP, CB, Tiger Resources and Borrelli hold +35% of the shares in issue so full intents and purposes they have full control because the private shareholder base in BMR are lethargic.

Also MoneyHawk, funnily enough when Borrelli took over c. 5 years ago we had a Copper Plant on site, which Borrelli sold for a massive loss when he was trying to sure up BMR financially.

Never made sense why we had bought it but then again Alikhani did have ‘Alzheimer’s’.

Moneyhawk, I think JLP have done alright out of their 29% holding, don’t you? You’ve been given our ‘crown jewels’ and AB has passed on Star Zinc to GLR for a pittance as well, which you will also benefit from.

I don’t see how JLP could sell their 29% stake at any price, no matter how low and see it as a loss.

Remember the Royalty agreement has not been finalised yet. I can see Bird agreeing that BMR should get less than the 11% ‘minimum’.

Details of the ‘major deal’ reported here as well.

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1268-tsx-venture/rvl/65099-revelo-signs-letter-of-intent-for-its-montezuma-project-with-bmr-group-plc.html

If you called AB he was saying everything was in hand and the directors are confident with their plans. Just a few days later disaster struck when AIM wouldn’t let poor old BMR back onto the trading platform, despite Borrelli and co. working flat out 24/7 for 6 months to get us back to market.

Just imagine if you will how hard they’ve now been working this last 12 months? (On top of the 6 months suspension) I hope they’re going to take all of their holiday once they’ve managed to produce this circular, going to be a hell of a read I bet.

Keep up the hard work Alex, we wouldn’t have done it without you.

I totally agree. Unfortunately if you speak to Borrelli he will confirm to you without hesitation that he and the board have done a good job and are yet to put a foot wrong. He can’t understand why shareholders would be concerned and believes we’ve never been in a better position. That’s what we’re up against.

Also upon getting him removed we don’t know what we’d inherit given the delay of the accounts and him and others supposedly foregoing payment for sometime.

More Borrelli saying one thing then doing another.

100% Kabwe > 60%/40% > 15%/85% > retain 15% royalty for shareholders > ???

??? is anyone’s guess but if AB is anything he is a man looking to destroy any potential return long term shareholders could make. Much easier for him to pass the assets onto someone else then further liquidate shareholders by exchanging our royalty for shares in an exploratory/new co. and let the new co. benefit from investments made by shareholders over the last decade.