RE: AGM29 Jun 2021 20:52
Nothing secret and it’s all posted to Reddit too…
Alright So here are my notes from the meeting as best as I can recall them:
- Up to 100:1 consolidation approved, some debate still between the board and with lenders and where to fall between 10:1 and 100:1.
-- Spent a good deal of time updating status of Prospectus/Q1 results and how the process is going
- The Auditing of Atomic books is completed, COPL received the 'final balances & books' as of June the 16th.
- The Auditing was delayed due to the unique nature of the Atomic ownership structure which was an S-corp, which passes all profits, losses, and their associated tax burdens to the sole member of atomic, so effectively COPL bought assets not a company. Since the US is not harmonized with IFRS, there is no accommodation in the code for an S-corp and Atomic had never undergone any audit by the IRS or anyone else, therefor three years of audited statements were needed. Art was able to negotiate with the FCA for delayed suspension until the 16th of March on those grounds.
- The prospectus has been back and forth with the FCA and Artur said he expects the 'last turn' of the prospectus to happen with the FCA on Friday when they complete one last piece of the puzzle.
- He then said to expect Q1 results to be released by by the middle of July or sooner, and that the Q1 results would then have to be 'dropped into' the prospectus for final approval.
- He is not allowed to give any updates on operations while the prospectus is before the FCA. (OPINION INSERTION: he must have gotten an exception from the FCA for Q1, with the understanding they would be inserted into the prospectus)
- Once the prospectus is released there is an entirely new website which is already complete and he will be able to give a full update on all the details of operations such as how injection is going.
- Injection started at the beginning of April and although he can't give us an update on production, it had responded well and has taken more gas than expected.
- Question was asked about CUDA and their apparent insolvency art replied:
That CUDA had not been participating in operations, they owed COPL a significant amount of money and that he had been in discussion with the independent board member and their lender and that their would be a solution in 'near time'.
- In response to a question about the Nigerian asset, Art mentioned that nothing new is happening in Nigeria due to COVID and restricted travel.
- I asked a question about dilution, Art responded that their were no new projects planned in the near future that would required dilution, but that dilution is only bad if it is not used to create value, and that he also has access to the accordion feature on the debt facility. He also said he does not have any plans for another equity raise for any other reasons.
- I asked about up-listing, to the TSX or into the US and he said that the complication of listing into the US may b
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