Member Info for raaydaar

Gold Duck, youre really clutching at straws here. How many debtors that PREM owe money to other that Canmax who they owe over $50 million to would have a priority debt against Zulu?

You're deluded if you think that Canmax don't have security of the debt against the plant. I get that youre an intelligent person but you really need to learn how to read and understand what's being written

Gold Duck, for one who claims to j ow the company your ignorance and lack of k owledge is incredible.

I'll refer you to the Xmas present GR gave you last year on Xmas Eve:

"In reflection of the delay to production and supply of product under the Prepayment Agreement, Premier has agreed to provide Canmax with an extension of their existing security by providing a fixed charge over the shares of Zulu Lithium (but with no security over Premier's other assets or projects)."

Acker, those d iscussions are inn relation to the resolutions.

They're not supporting the motions and GH is trying to persuade them otherwise. He's also more or less begging retail to vote so that he might just get enough support to get the headroom through without Canmax.

I agree though, that an interview is now required for full disclosure of the reasoning behind this second postponement. Shareholders have a right to know what's going on.

Canmax still not supporting the motions. Not good at all

Hasiba, GH is indeed a man with a plan, a plan that requires $ millions that they just don't have and cannot raise. A plan that you cannot put into action isn't a plan, it's nothing more than an idea.

Ideas don't get non producing plants into production, they don't pay the contractors, the bills or buy the equipment needed only cold hard cash does that.

If a company doesn't have the funds to pay the bills and buy the equipment it thinks they need then it's going to fail. PREM is currently in the "going to fail" stage and unless they find a way magic up more cash then they are without a doubt going into administration. The numbers don't lie.

Seagul19, PREM won't survive 2025

Goingtomoonufo, the grades have decreased dramatically, going from alleged SC6 to SC4. Are Glencore involved? Their name hasn't been used in an RNS since the initial LOI was announced, they're not providing any finance and currently refuse to be associated with PREM.

You're correct that nothing has changed. PREM have no money, a plant that is incapable of producing a product that they can sell. They're still not in a position to raise the funds required for phase 5, with 5 billion shares potentially available, they might just be able to raise enough to pay a couple of contractors and some staff wages.

I expect that GH will postpone the GM once again and make an open offer for 20 billion more shares which will fall well short of raising enough funds and PREM will go into administration in early December, giving the likes of Snowking and all the others who persuaded decent people that this was a sure fire winner the Christmas present they deserve.

Sol, they can't fit the secondary plant until they've bought it, and right now they don't have the money to buy it despite having raised 3 times stating the funds would partly be used for this secondary plant.

Pipedream, no conjecture, the RNS states the reason clearly

"The adjournment is intended to facilitate further commercial discussions between the Company and its principal shareholder in relation to the resolutions prior to the reconvened meeting."

The only resolutions were for 6 billion more shares to be issued so they had to have voted against or abstained, either way they're not supporting the company at this time

Acker if what you suggest is accurate, there's still no need to postpone the EGM, as I said earlier and as you've suggested previously, it would be wise for the company to have headroom to be able to issue shares at a further date (without reference to shareholders) should the need arise. There's no logical reason to delay getting additional headroom unless they knew the vote would fail.

Anglebox, that whilst a possibility, wouldn't require the postponement of the EGM, in fact it would still be prudent for PREM to go ahead with the meeting and get the authority to issue shares in the future, they don't ha e to use that authority.

The only reason they would postpone (and they'll have the numbers of votes already) would be if the vote was against the headroom increase

How do you work that one out Acker?

Canmax clearly not supporting the Resolutions and GH pretty much begging for votes now.

This paragraph says it all and wouldn't be necessary if Canmax were on board:

"Failure to pass the proposed resolutions may have a material impact on all shareholders and on the assets of the Company."

Canmax finally showing their hand or just lost patience and faith in PREM?

Discussions "in relation to the resolutions prior to the reconvened meeting."

Suggests to me Canmax aren't supporting the reolutuons.

Not good at all

No

Hasiba, GH will have no option other than to place the full 5 billion shares. If he's lucky the SP will hold up tomorrow and he can maybe get away with placing at 0.06 and raise about half of what he needs for phase 5. If the SP drops further he could end up raising around the 0.04 mark which after fees might cover a couple of bills and keep the lights on until he can beg for another 10 billion at an EGM mid November

Acker you're correct, the only way the vote doesn't go through is if Canmax don't vote in favour. Aside from the need for further funding post this vote, there's the issue of the longstop date. Will Canmax be prepared to give GH a further 6 to 12 months or will they decide enough is enough, take Zulu and bring in their own team to fix and operate the plant?

Jaglith, the brokers won't take and hold the placing shares, they facilitate the city boys taking them at a hefty discount and if the city vultures don't want them then the placing doesn't happen. The raise will happen because GH is desperate for cash, it's just at what discount the city boys are willing to take the risk at, GR got away with around 30% for the majority of his placings, given the current situation PREM finds itself in, I doubt GH will be able to get 30%, more likely 50% or even worse it could be a HE1 style 90% discount which would indeed seal the fate of PREM and see shareholders lose everything.

Jaglith, I don't think bankruptcy is as close as you think unless Canmax don't support the EGM motion. As it stands with the SP steadily dropping the 5 billion share placing will raise around £3 million before costs (possible less if the SP drops below 0.1p) so around £2.7 million roughly $3.6 million a little over half that GH has said they need to get phase 5 completed but probably enough to at least get things started and pay a few of the outstanding bills. He'll have to call an additional EGM for mid to late November to get further headroom increase, thats the one i think will fail as pretty much everyone including Canmax will have had enough of the promises that have come to nothing. I cannot envisage PREM surviving 2025 as things stand.

Acker, I reckon you'll get them around 0.06 on Friday after the placing has been announced