Member Info for Pocko

Loan conversion - 347,222 shares issued at .775

So not only do they profit from the costs of financing, they get issued shares at discount when converted.

Like a pawnbroker preying on the desperate.

Time is ticking on - The end of Q1 beckons.

There has been 3 conversions, the most recent and the two detailed below (possibly an earlier one too)

395,131 - 14/01

790,263 - 22/01

The finance house may well have slowly fed these into the market for a return, notwithstanding that they also made a return due to the terms of the initial loan, but it’s difficult to tell. Volumes have been low, so perhaps not. And yes, playing the long game, they would be retained, however we do not know their intentions. And to my knowledge, this is the first time any of our loans have been converted.

However, my guess, and it is a guess, is that they would not intend to become shareholders due to the volatility. Why would they risk their capital investment?

It’s 347,222 ordinary shares, which have yet to be fed into the market. The shares could of course be retained by the finance house.

The shares are issued by the company, not purchased on the open market.

And sells at 0.8 and buys at .10 is hardly blue is it?

Pertinent facts and all that.

The drip drip drip of dilution.

With another loan before the end of Q1 anticipated.

Exactly 1-year since you last posted Ibjj which suggests a slight obsession on your part - Hardly a proud boast that you last checked-in ‘a year ago or more’.

And I own the same amount of shares that you do.

I filter all the guff that the old fella posts… you know, the posts… having 3 million shares, popping into Barclays… calling up the Yellow Pages and asking for Fly Fishing by J R Hartley. That sort of thing.

And no, I’ve not be ‘rude’. Just correct on every single point I’ve made.

It’s not opinion - It’s fact. The loan note was converted to shares at 0.8p which they will feed into the market. And no one commented. Again, fact. As ever, swimming against the tide. Let’s see what the next 8-weeks bring.

My word you are a strange one, and thin skinned too by the sounds of it. My posts are not designed to elicit a response from you. Did you not see the price at which the notes were converted?

And yes, 8-weeks before further dilution. Awfully exciting isn’t it?

0.810 to sell and 0.11 to buy - Hardly tempting. And the conversion of the loan note went through at just over 0.8 - Not a whisper from anyone.

8-weeks to the end of Q1, so the deal for Vardar needs to get over the line, otherwise another loan no doubt?

And whilst I think on, winners write history. Goodness has absolutely nothing to do with it.

Evidently not… hence you blindly believe anything this company pumps out. £25m in 10-years, mostly spent on salaries and admin. When they actually get a piece of work over the line, I’ll change my mind.

That little bit of dilution in the last few weeks surely stung? Just a little… if not, it should, because once again Teddy is taking people for mugs.

I’m a keen student of history.

It’s hard to believe that anyone would willing pay £4m for Vardar. I hope I’m wrong.

As for today’s RNS, it’s like I’ve got a crystal ball. The slow drip of dilution.

“ In addition, whilst the Company hopes to be able to announce positive progress in the near-term, the timelines to close each transaction remain open. If the transactions, and in particular, the sale of Vardar, fail to close or closing is delayed, the Company will need to secure additional financing and working capital before the end of the current quarter.”

Not withstanding the fact that the loan note has already been partially converted into shares. It’s a signpost of further dilution.

The market in Sweden has always been incredibly volatile in comparison to the UK market - UK investors have been bitten numerous times by this company, and are therefore more cautious.

In respect of Vardar, of which I have often been critical, get it over the line. What parameters have been set for the third parties due diligence? Surely there is an actual date to work towards which is normal practice for any sale.

As for Grafintec? It’s a limited company subject to minimal financial reporting, unlike BEM which is a PLC - so as I’ve stated previously, watch this space for it essentially being taken private - Let’s see what equity the company cedes in order to raise capital?

I’ve been quite clear in my posts of the last few years about the work to be done and the timelines, and repeatedly been accused of negativity?

The company has been the subject of political chicanery for sure, but investors have also been repeatedly misled either deliberately or through the naivety of the board that quite frankly, have profited handsomely over the years.

There is still little to show for the £25 million spent in the last 10-years.

The last significant RNS would, for any normal company look on paper at least, to be a huge step forward. However, until the company actually produces anything of note, it’s just words.

I hope to be proved wrong moving forward.

So both projects are at least 2-years away from value defining news - Assuming the stated goals are achieved. Exciting.

“ Any potential funding that the Company would receive would be utilised to further its current primary objectives, which are to fund the pilot testing phase at the GAMP and complete the pre-feasibility study ("PFS") and environmental permit application for the Kallak iron ore project in Sweden.”

What was the last fundraise used for? To get Kallak over the line… Gaslighting investors.

And it’s normal for capital expenditure to be off-set against tax. Any business owner would know this.

And it’s disingenuous to say that investors won’t be diluted. Any investor or partner would want their investment secured against loss.

No bank or commercial entity (JV) in which we would be the junior partner, is going to provide the necessary finance for the CAPEX without it being secured. Which means huge dilution for private shareholders, or as is more likely, it being taken private.

Best guess, based on previous behaviour is a bridging loan taking BEM up to the next fundraise, from which there will be diminished returns.

It’s still years away from breaking ground.

I asked for a fact based response… and received two incoherent ramblings. With 23 posts to your name, you’ve sure been here for a long time. £25 million spent and counting…

Maybe do some research and get back to me.