Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
He would have to do an open offer to existing shareholders, it could be done at the same price as he would get from the city boys if he chose to do so, it's just scaremongering to say it would be at less favourable terms. Anything that's not taken up by existing shareholders could then be sold to the city boys. This way existing shareholders aren't diluted as much and he still gets his money but would then have to pay Goddards etc in cash rather than shares. He's basically showing his contempt for shareholders who have supported him and believed in what has to date proven to be yet another George Roach failure
They were paid in cash because they didn't want to be paid in shares. That's interesting isn't it! Very telling
Wullie you're spot on PREM the epo potentially worth billions and billions but as you know PREM no longer have a licence to explore that area with no guarantee that it will be renewed.
It's unlikely there'll be an RNS before the AGM (which should actually be an EGM as an AGM is called after the end of year results which are due later) as there's nothing to say other than issues are ongoing, sorters still not sorting, sensors still not sensing, hands still hand sorting, mill still not getting 37 tonnes an hour, issues still ongoing.
Will the vote go through? Of course it will as GR has told the cult that if it doesn't then they're screwed. It would perhaps be better for shareholders to understand more about what GR is asking for. He's essentially asking shareholders to agree to a dilution of their shareholdings to raise funds rather than allow shareholders the option to participate in a future placing on a non dilutive measure, therefore he basically doesn't want to give current shareholders the opportunity to participate in any future placing at those discounted rates so that they can maintain their shareholding as a percentage of the enlarged share capital. He basically wants to give his mates in the city the opportunity to buy at a discount.
To hell with the loyal shareholder base he has, just give his mates a chance to get a cheap placing away. An open offer isn't a bad thing, yes there's dilution but at least existing shareholders get the opportunity to participate.
He's taking you all for mugs and you're falling for it. Call him out, make him offer you, the loyal shareholders the opportunity to buy the placing rather than give it to Snowking or Deadeye on the cheap.
Jaguar, I suggest you read again what I've written, take a moment to digest and understand it and then apologise
Agree a very poor interview, didn't actually say anything of substance yet all the inferences in the telegramp group are hilarious with talk of 100s if not a 1000 tonnes being shipped by month end.
Key points to take away as I see them:
1. Plant running continuously at the moment i.e it's running right but will need to be stopped to get work done on it.
2. Plant optimisation continues, ball mill requires 37 tonnes (I think he said) of ore to go through per hour for back end optimisation to complete - That's not going to happen when the only ore going into the mill is hand sorted, they couldn't physically push that much into the mill by hand in the time required
3. Sorters are an ongoing issue and not likely to be resolved any time soon
4. Relationship with Canmax sounds very strained and judging by his comments and body language I don't believe they're as supportive as many would think.
5. Cash burn is still ongoing and finances are constrained, how many times in the past have we heard the "it's prudent to have the option to raise" that essentially translates as I'm doing a placing at the first opportunity
6. Still no comment on quantity of saleable product produced - nowhere near enough
To many "hopeful" "believe" etc and too much of not answering the questions being asked rather twisting it around to say what he wanted to say.
Will be interesting to see what happens come the AGM if he gets the required votes for the headroom, if Canmax relationship is as strained as I think it might be a struggle. If he gets the votes then a placing to pay Goddards, George's loan and the litigation will happen immediately. If he's got anything about him he'll have the placing to raise operating capital all set up and ready to be announced at the same time or most certainly that week but at what price? I'm expecting to see a concerted effort to ramp up the SP over the next couple of weeks with more pointless videos and X posts along with Snowking and the gang going into maximum overdrive ramp with afterburner.
If he doesn't get the vote then all hell will be unleashed on the SP as it goes into freefall.
Time will tell, only 18 days to go until the answer to the big questions are revealed.
Dazed you're clearly confused, look at the list of issues in the release, it's not just minor sensor issues (from over a year ago) or a simple hours not days pH balancing problem. They're hand sorting ore, that's clearly inferior and need to exploit a secondary source (at what cost?), putting it into a plant with major issues that require significant remedial works by engineers who were trained by the company they've just got rid of because they couldn't fix the remedial issues. How does that play out. Incompetent engineers train engineers to be competent? Doesn't wash with me. Its an absolute omni shambles. You would be out of your mind to even consider this as a viable investment opportunity until after the placing, even then it's most likely a binary play, that's all assuming they can get the headroom they want, if Canmax aren't supportive it's touch and go, after which it's a major problem with major red flag financing on the cards.
Jaglith, I hate to say this but you're wrong, after paying Goddards, George taking his repayment (plus whatever extra is in the deal), paying for the litigation with likely interest there's not going to be many of that 4.5 billion left to raise much more than maybe £3 million, which won't last them till the Summer at current cash burn rates and additional costings to factor in. Maybe a couple of months then it's back to the market again.
Snowking made an appearance in the telegramp group, he's obviously had a few, hopefully no surgeries tomorrow Tony "Difficult day tomorow but i reckon we go down earky then i terview will bring us bsck up We will be prisucubg soon and spodumene has risen a lot in last two weeks . We will be fine"
Noel been busy removing the dissenters from the group tonight despite there being some very insightful posts, I guess if you don't agree with their narrative then they'll kick you from the group. Always pays to have an alternative and even negative view, if uou know all the potential negatives, you can balance them against the positives and either buy, hold, sell or sit out. I personally can't see PREM as a buy or hold right now given the inevitable discounted placing.
Snowking knew it was coming, Tony always appears ahead of bad news so no doubt he's out again awaiting the placing. Deadeye once again looks like a fool, hope he doesn't teach economics as he's not very good at it. He's a bit better at marketing but shouldn't really be teaching his students to be as openly dishonest as he has been wrt his PREM propaganda on X
Gazza, you'll have to blame the poor grammar on George, I didn't write it. Unless of course you meant formatting of the post, in which case, it is indeed the copy and paste function combined with the LSE formatting of the copied text
The intended use of the dis-applied shares is as follows:
As announced on the 11 December 2023, Zulu open pit mining contractor, JR Goddard Contracting (Pvt) Ltd ("JRG") had
agreed to accept payment of a limited number of future invoices until commercial shipments begin at Zulu in Q1 of 2024. The
board believes that this share settlement is essential and should be maintained as such, 769,230,769 new ordinary shares of
the Company at the price of 0.26 pence ("JRG Settlement Shares") will be issued to US$2.5 million (equivalent to £2 million)
in invoices once the conditional precedents have been met.
As announced on the 9 August 2023, the board entered into a Loan Facility Agreement with George Roach (“Facility”). While
George Roach agreed to waive immediate settlement on the Facility to allow the Company to conclude the fund raise
announced on the 15 February 2024, the Company is now in breach of the Facility, and it is imperative that 370,000,000 new
ordinary shares are available to the Company to ensure that an agreement can reached with George Roach for the default
and also settlement of the Facility.
As reported in Premier Annual Financial Statements for the year ending 31 December 2022 under section 17 (Contingent
Liability), China Zenith Capital Ltd were suing Premier for a 3% net debt success fee based on Premier’s consultancy
agreement with China Zenith Capital Limited.
In spite of Premier having two independent legal opinions supporting Premier believe that the prepayment and offtake
funding by CanMax was a deferred revenue in accordance with International Financial Reporting Standards (IFRS), the
Arbitration hearing held under the rules of the London Court of International LCIA Arbitration was lost following a ruling
whereby the arbitrator sought fit to discount the definition of debt under IFRS and focus on a common sense interpretation
of the Engagement Letter that prepayment and offtake funding was contemplated under the debt success fee.
Premier refutes the judgment in the strongest possible terms; however, the arbitration ruling is final and binding whereby
Premier will settle Zenith Capital Limited award in new ordinary shares at prevailing share prices.
The remaining shares are intended to be used to bring Zulu into profitable production and general working capital of Premier
Never had any dealings with the SAS, SBS and Royal Marines and my limited field combat training really wouldn't be of much use to those extremely well trained and professional men and women. My vote will be counted when it's cast along with every other shareholders votes that are cast.
Billybob, if it doesn't get passed then PREM is likely done for, George knows this and will plead with shareholders to get it through. Canmax position will have a great deal of influence here so will be telling. Your 0.27 buys from last week not looking too good. I suspect 0.2p or less incoming tomorrow
Billybob, since you're so knowledgeable, why is the request for increased headroom being proposed as a special resolution?
That's a big number he's asking for. Placing incoming at what price though? Not looking good for Billybob and his schoolboy predictions
Therein lies the rhetoric of those that refuse to see an alternative viewpoint and are so blinded that they cannot see what is reflecting back at them in the mirror.
Clueless don't be an eponym, take a step back and be objective, what do you honestly see given all of the facts presented to you?
LTHs day traders and idiots all the same to me if they're holding, trading at current spreads or buying are all foolish imho. Best option right now is as that poster suggested, be on the sidelines, wait for the RNS, we all know, Snowking knows and so do the rest of the telegramp group that the EGM or conditional placing is going to happen, when it does the SP drops , so why not be sensible and wait for that discounted opportunity? Makes sense to me but then again I'm not being influenced by Noel, Deadeye, Snowking, Ross, Terry or any of the others in that group hoping to manipulate shareholders.
I'll quote Roberto from the group:
"I dream of an average of 0.36,mines 0.94 and im down my entire lifes savings,Christmas is cancelled this year thats for sure. Just gotta keep the faith"
Life savings, that's says it all, we should all take stock and start being a little more objective about what's posted here. Let's start debating rather than insulting
Wolf many years at sea taught me that, does George know not to though? Seems to be trying very hard against a force 10 from what I can see.
Gazza, you're correct, however Zulu is a PREM asset which can be sold to pay debtors should PREM become insolvent and it certainly wouldn't be valued by an insolvency practitioner at $200 million, they'd bite off Canmax hand if they offered to take it in lieu of the debt owed by PREM
Craig, Ricky is correct in that there is no loan to Canmax and the monies provided are paid back in the form of SC6, there are associated penalties with the none supply of product, including a hefty interest rate, which Canmax have various options to enforce.
What Ricky hasn't considered and perhaps is what you're alluding to is the question of what happens if PREM become insolvent, cannot produce SC6 and cannot raise any additional funding to continue with the project? At that point I suspect Canmax would rake Zulu as a whole along with anything else in terms of EPO claims and the EPO licence (should it be renewed) in lieu of the debts owed. The Chinese do like a good land grab and thisbisbthe reason they've been so patient, they're clearly not interested in holding any further PREM shares, so let George fail and seize the assets.
That video to me looks like an attempt to ramp up the SP ahead of a placing.
Dazed, you're correct in saying that he currently has no headroom for a placing. What you're forgetting is that he has the ability to do a conditional placing which allows him to raise funds conditionally on shareholder approval at an EGM, that way everything is in place for him to get the money immediately if shareholder approval is forthcoming.
I see Snowking has been back in the telegramp group and in here. The group are also promoting the fact that at zulu there's Tantalum valued at $20 per kg or as Ross will keep telling the group $20k a tonne. Yes it's there, yes it's actually the primary mjneral at zulu, lithium was secondary but none of that matters, the Zulu plant has no Tantalum circuit so whatever Tantalum is in the ground remains in the ground remains in the ground or in the tailings. It has absolutely no relevance to the lack os SC6 production.
Zulu has major issues that couldn't be resolved by Stark and won't be resolved any time soon by either the PREM engineers or the OEM people. It's a complete sh!show and the 6.17% George claimed they've allegedly produced is somewhat dubious, his body language suggests he wasn't being entirely truthful.
Snowking being back on the weekend ramp says it all really, time to get out before Tony profits on your buying.