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And in any event, whilst it's great that he will be in post, the wheels are already in motion in respect of the environmental work, which will surely dictate the design of the mine, and therefore work which cannot yet be planned?
Makes you wonder what Teddy does on a daily basis?
Ownership of kallak won't affect the outcome of the court decision. My point was that the company could literally be bought for peanuts
And clearly, the BOD is failing to meet the measure that it has set itself against.
Teddy is aiming to raise £1.5m in the UK. It's not underwritten, and based on the failure to achieve the full amount in the UK last time I suspect we won't this time.
So based on the UK achieving circa 60/65% like the previous fundraise, that would, before costs achieve a figure of around £1m. That doesn't even cover salaries and admin costs (£2.8m in 2023 due to generous terms given to Budge, and £1.8m in 2022)
Admin, in a nutshell, is where the money goes. Not drilling, exploration or on consultants, but salaries, paper clips and the occasional frivolous investment on liabilities such as Vardar that we can ill-afford.
Where's Aug59 with his conspiratorial posts, and H2G or LKab to bail us out when we meed them?
The whole business could be bought by a mining conglomerate for what would be nothing more than an accounting error to them.
Teddy can now issue as many shares as he likes under 1p. That was the point of the EGM yesterday. 10 Billion shares in issue? No worries... Share consolidation will take care of that.
He can raise capital in perpetuity... The only ones that suffer are existing shareholders.
Teddy gets paid regardless. Teddy, as with Budge before him, have both actually been very successful, navigating the choppy waters of the lightly regulated AIM to feather their own nests.
And on that theme, Bowie, as with Budge, clearly don't have the expertise or connections to raise the finance required (Demonstrated by this latest cash call). Working in small grubby investment firms doesn't qualify either of them. Performance to date demonstrates that. What they're both good at, is rinsing small investors.
The CAPEX required when building the mine will not come from private investors. That is when we potentially get truly wiped out.
That doesn't mean to say the BOD shouldn't be working their nuts off to achieve shareholder value. But as I stated, there is no incentive when Bowie and his ilk are salaried. Pay them in equity alone, and watch the SP soar.
And EricDraven, both Vardar and Finland are liabilities... Not assets. For the company to describe either as such is untrue in business terms. Kallak, being our core business as an junior exploration company can be viewed through a different lense
Previous capital raises have aimed to raise around £6.5m... This one £8.5m. so I'm guessing, the 60% underwritten will probably get the board to where they actually need to be. Anymore and it's a bonus.
Other than what is now a slight discount to the market, and of course keeping the company afloat, they need to make a more compelling case to investors, given their prolificacy with our money in the last few years.
Any my cynicism is borne out of the very cynical way private investors have been treated to date by the company.
Bowie works for us, not the other way round. Though the arrogance he's demonstrated so far, suggests he thinks otherwise.
Through no fault of the company...
But the deadline was February 2023... Extended to September 2023, and then followed by a number of extensions to the 27th February 2024. Standby for some other spurious reason to grant an extension...