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BEM are completely passive in the court ruling. A positive result would reflect positively on the government, and we would be the main beneficiary, initially at least.
What the company need to do, and have so far failed to deliver, is to both start and complete something - They have to date, utterly failed. So again, little will have been achieved in 2024.
Markets like positive news.
And being a pragmatist, with the environmental work unlikely to be completed this year, given the fundraise, what will have been achieved in 2024?
Another fundraise will deliver ever diminishing returns, and 2026 looks to be a pipe dream.
I agree... The HFD outcome will be pivotal to both our short and long term future.
I just feel that this current fundraise has been a sledge hammer to what could have been a very small nut in terms of short term funding to get us past the court ruling. Then the outlook would.pook quite different to investors.
I think Bowie is being somewhat disingenuous to say that we have funding options. If that's truly the case, why raise funds at historically low levels, particularly as it's now very clear that we have funding foe a maximum of 12-months.
As for the SDR's, they will get fed onto the open market by the underwriters at profit. They are not investors...
Vardar has been an issue for me for some time, particularly as Budge disclosed that Vardar was essentially about generating news for investors given the malaise in respect of Kallak at that particular time.
And why spend money on exploration, when the business would be years away from applying for an exploration permit and we simply can't afford the investment. It needs to be mothballed.
And I suppose the wording of today's RNS reflects a new reality. Either way, it only funds the company for maximum of 12-months given the cash burn of the last year
Anyone spot the subtle difference...
16th February
The main purpose of the Rights Issue will be to finance the continued development of Kallak, including completion of the ongoing Pre-Feasibility Study ("PFS") and environmental studies in preparation for the Environmental Impact Assessment ("EIA") and subsequent application for the environmental permit for Kallak, and the completion of the ongoing PFS and EIA for the GAMP.
3rd April
The main purpose of the Capital Raise is to finance the continued development of the Kallak Iron Ore Project ("Kallak") and the Graphite Anode Materials Plant ("GAMP"), advancing the Pre-feasibility Studies ("PFSs") and Environmental Impact Assessments ("EIAs") for both. Net proceeds from the Capital Raise will also be used to repay the SEK 10 million bridge loan financing, fund the advancement of Vardar Minerals and for general corporate and working capital purposes. The Company will continue to explore funding opportunities at both asset and corporate levels.
"Advancing" or "completion"? I know which I'd prefer.
Perhaps if they played with a straight bat, the fundraise might have been more successful?
It's the fact that it's re-worked or re-modelled data... It's just fiddling at the edges.
Teddy, like Budge before him is behaving like a toddler in a playpit, unable to focus on any one thing. All in the pursuit of generating 'news'.
Valid point about funds going direct to the company.
I've not been impressed Roller. A little flurry of RNS as predicted, the content of which hardly inspires.
Has anyone looked at exploitation costs for copper? I have and it's expensive.
The company really should be wholly focused on Kallak and to a lesser extent Grafintec - Enough of the low cost exploration nonsense. Get Kallak over the line, and stop the gaslighting of investors.
The board of directors and management team which seemingly consists of 5 people...
"Members of the Board of Directors, Executive and Senior Management (including the Company's Chairman and CEO), have declared their intentions to subscribe in the Capital Raise in aggregate of equivalent approximately SEK 1-2 million (approximately £75,000-150,000)."
They're not exactly going all in. Hardly instills confidence.
It's been continued project drift for some time.
I had the temerity to ask what the plan was following the issuance of the exploitation permit in March 2022. We had at that time, management that appeared to be caught in the headlights. I took no joy in asking what I thought was a reasonable question. And no plan was forthcoming for some time.
Subsequent cash calls to get Kallak 'over the line' have resulted in anything but.
I haven't the interest in watching Teddy regurgitate old news, particularly as it seems the environmental permitting process is already experiencing more drift, if your comment is anything to go by?
Again, when I called into question the ambition to be mining in 2026 (Remember mining in 2018?), I was roundly derided.
I personally won't be putting anymore money in. If the SP moves up, it's a winner. If it doesn't, I've not lost anything.
Name one thing that Budge achieved beyomd spanking cash on vanity projects we could ill-afford, and arranging his own pay rise?
CSP submitted the exploitation application...
Teddy is merely following suit.
Hence it did not affect the value of your shareholding.
What then followed, namely the issue of new equity, permitted by the new resolution, subsequently diluted (or will when finalised) your holdings in the company.
It's the nominal value...
They were called ordinary 1p shares (Absolutely nothing to do with their actual market value). But in order to issue shares under the nominal value (Necessitated due to the actual market value) the company made a resolution allowing them to do so. The share split facilitates this. It's a legal thing...
The chairman and BOD are there to ensure good governance. It's been anything but.
What did our chairman do? Announce a 6-month review that achieved absolutely nothing, except served to kill time and drive down the SP.
I note Teddy is partaking in the fundraise... He has nothing to lose.
Of course we can doublingup... It's called a share consolidation. 10/1, 15/1, 20/1.... Take your pick. Achieves a healthy SP, on paper at least, and makes it easy to raise further capital.
They can raise funds in perpetuity.
Don't look at things through your own lense.