Member Info for Martinigirl

Steward1, paying for a mining licence would be pointless if you didn't have the intention to mine. There's all the associated costs that come with having a licence with drilling etc. Zulu, once it's had enough money thrown at it, is a good a starting point into the mining business as they'll get. It makes no sense for Canmax to bail out PREM. Therefore the question that needs to be asked is where does George get the money from? Does he call another GM and ask for another 30 billion shares? If he got the headroom, recent experience shows that the city just aren't interested kn giving him any money. The CLN he supposedly had in place ready to go never happened, why was that? Did he actually have it sorted and ready to go or did he lie to shareholders yet again?

This rally in the share price is a dream for Shore Capital, not only have they recovered their position from forward selling the failed placing, they can now sell the remainder of their shares for a profit, dumping them onto the likes of Luthee (Quagpalm) and Hasiba who for whatever reason refuse to believe what's staring them in the face.

Acker has the right idea for a trade if you've got the balls to risk it but as far as I can see the risk for a few % is way to great even for a trade. The shareprice could easily tumble 30% in a matter of minutes once the traders start to pull out their profits.

Steward1, Canmax have now changed their tack wrt just being an offtake partner, they've started moving into the mining business having recently purchased a number of mining licences. PREM right now needs a massive injection of cash which cannot be provided through an equity placing. If Canmax were to stumpnup the additional funding that George needs, they might as well just spend the extra $20 million or so (plus prepayment and interest) by buying Zulu and bringing in their own team / contractor to sort out the mess. That way they'll get 100% of SC6 produced at Zulu for the life of the mine at a minimal operating cost which can be offset against the value of the product especially as SC6 now increasing in price.

It wouldn't make sense for them to bail out PREM to the tune of the 30 million or more needed to clear the debts, get a working plant and have enough working capital to last the 3 months post production to payment.

And you're right Zulu isn't for sale right now but it's the only asset PREM has that's of any value. George hasn't got the headroom to raise enough money to get it over the line. Selling Zulu is imho his only option now

Wolframite, Canmax have a holding of 4,428,571,428 including today's placing there are 38,727,719,957 shares in issue. Do the maths!

Wolframite, they currently don't have 14% of PREM, they currently have 11.44% worth about £890k. An easy number to write off against the prepayment interest alone owed to them by PREM and securing Zulu for less than the $100 million currently valuation. They only invested in PREM directly to secure certain guarantees which won't be requires should they purchase Zuku

Today's placing does nothing more than to provide some funds that George will utilise for things that he shouldn't be. The priority right now has to be to pay the bills that needs to be paid and pay the staff on site what they're owed.

I'd be intrigued to know if George and the rest of the board are foregoing their salaries and consultancy fees until such time as the test run is complete and also if they've been claiming salaries and consultancy fees since the middle of last year when George has confirmed that the company ran out of money.

The creditors certainly won't be happy about George using the funds he has for prep work for a piece of machinery that they cannot afford to buy.

It also confirms that he cannot get sufficient interest from the market even at 0.02p for funding and he's now going cap in hand to Canmax to beg for more money. Money that Canmax haven't been prepared to give him previously so it's highly unlikely they'll give him it now. The best he can now hope for is that they make him an offer for Zulu, wiping out the prepayment debt plus accrued interest and giving PREM some cash to squander on another vanity project. Current debt to Canmax with interest is around $53 million. If they offered him $75 million I think he'd bite their hand off, he could then pay the debts in full and would likely have around $12 million left.

I like how he's dangled the carrot of "management change" but I cannot imagine any credible candidate taking on PREM, it would be career suicide to take on a company that is massively in debt, requires massive funding to try and prove a concept that has so far been plagued with so many problems it likely needs ripping down and starting again from scratch.

Luthee (Quagplam), I'm still awaiting your investment case for PREM, you seem to have an opinion but no facts to back it up. Please enlighten me. I'd also be interested to know what law you consider would be applicable should a UK listed and registered company go into administration when such a company holds or has an interest in overseas assets.

Why don't you think bankruptcy or administration is a possibility for PREM?

You were adamant that the placing would go through without issue, berating me for my correct opinion and yet remained strangely quiet on Tuesday when the fundraise was cancelled.

Those that know, know, those that can't make a reasoned argument just look stupid.

Wolframite, they're all held under the general PREM umbrella (as a parent organisation) and whilst legally separate entities, should PREM go bankrupt then it's most likely that they would be required to sell their interests in the susidiary companies in order to satisfy any debts.

It's only the prepayment debt plus interest to Canmax that's secured against Zulu, all the other debts to staff, contractors, suppliers etc are unsecured.

Finally got round to watching the interview this morning.

George clearly not happy that they couldn't raise sufficient funding, although I cannot understand how the thought the raise would be successful, pretty much everyone looking in from the outside could see it wouldn't happen, especially when it was clear that George wasn't as "aligned" with shareholders as he claimed to be.

Only around 300 of the thousands of shareholders expressed an interest, of those 300 a number were in the various telegram groups, with many of those indicating they were participating for 100 million shares or more, if what they claimed was true then it shouldn't have been too difficult to get over the "materially different" line. Although one does need to question their support as I am led to believe that for the most part they sold shares on Friday in order to participate rather than put new money into the company, so perhaps their faith in George isn't quite as strong as they claim it to be.

Anyway, key points to take away from the interview:

Funding; the next fund raise will be equity based. Not unexpected as that's the only viable route for the company. However, if by some miracle he can find funding, it will be further discounted against a current share price that was discounted by 30% for the failed placing.

George paying for the placing. That was the one option that I considered to be the only viable route for funding, he's clearly stated that won't happen. I'd have to go back through the figures but I'm confident that George hasn't put in as much as he claimed he has, probably not even half that amount.

Overall, he looked like a man with the weight of the world in his shoulders, if not a broken man, his body language suggests he knows his fate and that of the company.

It's broker still has managed to buy back all of the forward sold shares as yet so I would expect there to be no news on the next steps until that has happened.

George will no doubt be working frantically to source some sort of funding utilising the 15 billion shares. We know that he needs a minimum of 3.5 million to progress the project and pay the immediate bills, that equates to a raise price of 0.0234, a price he's unlikely to be able to achieve now that his previous efforts failed and resulted in the current share price.

The failed raise also required the utilisation of some of the headroom to be paid to contractors in shares, approximately 2.5 billion shares.

It's unlikely that those contractors will now accept payment in shares given the failed fundraise, so George now needs to raise closer to 4.5 million in cash after costs.

The broker couldn't convince anyone to part with more than 1.2 million at 0.0275 so I doubt they'll be able to improve on that.

A death spiral CLN is an option but I just cannot see anyone taking the risk for the money he needs, knowing the somewhat precarious state the company is in.

As I see it there's only one way forward for the company, which isn't going to happen, therefore there's only one possible outcome which is insolvency and I would expect that to happen within the next 3 to 4 weeks.

Steward1, I too don't believe there were "billions" of shares forward sold, just a few hundred million maybe as many as a billion but no more than that. Certainly enough to support the share price right now until they're bought back and normal market conditions resume.

MikeBarso, appearances can be deceptive. You may believe that the company is far from dead as the share price hasn't dropped significantly.

What you're not factoring in is the fact that a large number of shares would have been forward sold in anticipation of a successful outcome. Now that shareholders have sent a clear message the George that they will no longer support continual dilution those shares are now being bought back which is artificially supporting the share price. Once the broker has bought back the shares they need, a normal market will resume and the share price will find its correct level which will be much lower than at present.

I don't envisage a scenario going forward where PREM survives. The wolves will soon be knocking at the door demanding their money and all George will be able to do is hide behind the curtains and hope they go away.

I'm sure Luthee will be here shortly full of apologies. Perhaps some here should spend more time listening to the reasoned knowledgeable arguments based on the facts rather than wild assumptions and desperate beliefs.

I'm surprised that George hasn't asked for a trading suspension whilst they attempt to work desperately on a way forward.

Luthee, my mental acuity is stronger than it has ever been. I stand by my previous statements, all the evidence is there and suggests that I'm correct in my assertions. I still await your bull case for PREM and your inability to provide one and merely continue to throw out insults suggests you are an imbecile of the highest order. You continue to post your diatribe with your multiple aliases and yet continue to provide nothing to the discussion.

Noli potestatem neglegere stultorum cunctorum.

Jaglith it's in yesterday's RNS

"Canmax have confirmed that on the closing of the Fundraising they will exercise their Participation Rights at the Issue Price to restore their original holding in Premier to 13.38%. Canmax participation will be by way of a direct subscription with the Company."

If they cannot raise the 3.5 million then the fundraise fails and isn't closed

There you have it clearly explained in numbers. George does not have the support and interest he claimed he would have. A paltry £1.2 million raised leaving shareholders to stump up another £2.3 million.

I'd be shocked if there is the retail support out there to achieve the required numbers.

I fully expect the RNS on Tuesday to confirm that the required thresholds haven't been met and consequently both the placing and the open offer are withdrawn.

This leaves the company in a very difficult position. Canmax participation in a private placing is conditional on the £3.5 million being raised. Meaning that they won't be adding to their position to restore their percentage holdings in the company. I suspect they were of the opinion that George wouldn't be able to raise the required funds and now they've secured their debt against Zulu, they can now show their hand and move forward with taking Zulu in lieu of the debts owed to them, leaving PREM with a number of worthless vanity projects and insufficient capital to continue as a going concern.

Steward1, the open offer won't get anywhere near the support the company needs from shareholders, quite frankly I'd be surprised if anyone took up the opportunity to buy at the placing price. It will drop well below that price tomorrow. It was made clear in the rns on at least 2 occasions (no doubt a requirement from the NOMAD) that the proposed solutions may not work. I firmly believe that George is fully aware that the plant will not produce SC6 in viable quantity but is doing his best to prolong his position and salary for a few more weeks and get whatever he can out of the company before fading into obscurity.

We've all known this was coming, what's concerning for ahreholders is the amount of time it's taken to get things into place. Had he placed immediately after getting the authority then there would have been significantly less dilution and he could have probably gotten a price around where the SP is today.

As I ha e suggested previously, despite George's statements in interviews that there was a lot of interest in supporting the company, it's clear that the support he claimed was non existent, as was the CLN he claimed was in place and ready to gonif required. He also claimed that his advisors had told him that the open offer route wasn't advisable and he stated that this was a route they wouldn't be going down.

Here we are now 20 days after that interview where all these statements were made and the raise is being made at a significant discount, the CLN wasn't an option and he's also bolstering the lack of city interest through an open offer.

He's also insulting shareholders intelligence with his "aligned with shareholders" taking part in the placing. He's actually not doing that at all. He's not putting any of his cash into the raise, he's actually looking to better his position from his loan. Any decent CEO would have had his loan repaid in the number of shares he sold to provide the loan, not George, he wants all his shares back at a massive discount to the price he sold them at and he wants the remaining cash (or even more shares) back at some point in the next 13 months.

Needless to say, the amount he's hoping to raise doesn't cover the debts,and the costs for the test run and additional float plant have increased from the $600k stated in the December 4th RNS to $800k in today's RNS, that's a 33% difference. Is he so out of touch or as bad at maths as Luthee or has he once again lied to shareholders in the December 4th RNS so as to not make things appear as bad as they are to garner support for the motion at the AGM?

There's plenty more red flags and discrepancies contained with the RNS today and quite frankly anyone considering supporting this company going forward is nothing more than a gambler putting their money on red or black on the PREM roulette table, the ball however will land in green.

George is at best totally incompetent and at worst a serial liar seeking to promote his own lifestyle at the expense of shareholders. Either way he cannot be trusted.

Tomorrow will be carnage, fastest finger first gets out with the least losses. There'll not be a dead cat bounce, this cat is shortly to become extinct.

Luthee, this is the final round. Have a good read of the rns, then come back to me with your bull case for investing in PREM.