Member Info for raaydaar

Yhe closing of the funding is most certainly amount specific

GR isn't buying anymore shares he's profiteering from the low placing price. He sold 370 million shares to provide a loan to the company. He now stands to get over a billion shares back in repayment of just 340k of that loan to the company. Any trustworthy CEO with an ounce of moral fibre would look at that and say actually just jive me back the 370 million shares and I'm back to where I was had I not given the loan and I'll stump up another 340k of my own cash to support the company and be truly aligned with shareholders

Just to clarify how aligned GR is with shareholders, in July 2023 he sold 370,000,000 shares to provide the company with a loan of 1.7 million. Any decent CEO who is aligned with shareholders would only accept 370,000,000 shares back, the company could easily provide this under the current headroom and GR would be restored to his previous position in terms of holdings.

He now will happily take a part repayment of his loan of so to 340k as he is fully aligned with shareholders. That 340k will utilise 1,236,363,636 of the shares available and will provide the company with ZERO cash that they desperately need.

The man is not aligned with shareholders, he is way out of line and seeking imce again to only look after himself

Max12, read the RNS he's not making up the shortfall, he's simply getting shares up to the value of £340k, there'll be no cash coming into the company from GRs participation in the open offer

Max12, he's onboard to the extent that he wants some cheap shares but doesn't want to part with any of his own money, unlike the retail mug punters like yourself who are convinced by his lies. If he was aligned with shareholders as he suggests he would be putting in the cash for the shares rather than have the company (which has no money) give hom the shares in lieu of some of his loan.

I'd suggest if anyone's interested look back and see how many shares he sold to provide the company with the loan and then look at how many shares he will receive if he is to participate to the full extent that he is allowed to. Then tell me honestly that GR is truly aligned with shareholders. The man is a fraud

As I said before the city boys just aren't interested in giving GR the cash he needs, absolutely pathetic that all he cost rise was 1.2 million. Retail investors have had enough of his lies and incompetence and for the life of me I cannot see the open offer rasing anywhere near enough to allow the placing and the offer to go ahead.

So what's next when he cannot raise the funds? The company are currently insolvent and there's unlikely to be a knight in shining armour come by to save them.

Craigawilde, he's clearly stated that there's no guarantees any of the solutions proposed will work.

Roll on the next EGM for another 30 billion shares

Unsurprisingly GR not confident that this will work. Couldn't get enough interest from the city so has to do an open offer as well. Needs way more cash than he can get.

Hasiba, I thought you would have learned your lesson with PREM by now. Throwing good money after bad is not the way forward, those truck loads of top ups in the 0.7, 0.6, 0.5, 0.4, 0.3, 0.2 ,0.1 etc haven't served you well. Topping up at 0.03771 and 0.0365 won't do any better

El-Gelboy, if he isn't stupid why doesn't Zulu work? He's had all the time in the world and tens of millions of $ to get it fixed

Ricky, I'd be more inclined to believe that time taking to raise funds is because nobody is interested in giving him enough of the money he needs. If GR was telling the truth then he had everything in play ready to go for the test run this week, he just needed to cash to do it, cash he assured shareholders would be available due to there being a lot of interest. Doesn't look that way now does it? Test run most certainly won't be happening this week and the creditors will be becoming increasingly more impatient about getting their money, those that were considering legal action would probably now be moving forward with the litigation process. The wolves are at the door camn GR get hold of enough cash quickly enough to hold them off?

It's not looking good, still no placing announced which according to the last interview was the favoured route rather than the CLN and open offer which would be more expensive and detrimental to shareholders. That CLN route is looking more and more likely now, clearly showing that Canmax aren't interested in taking a further shareholding in PREM. If this Monk chap has gone to Zim on behalf of PREM then that could be a positive but he's now been there nearly a week with no tangible progress on the financing front which in turn delays the plant test run.

Its pretty clear now that GR hasn't been able to generate the interest to get the placing done and he's now brought in someone to get the best terms he can on the death spiral CLN route, a route that at the GM he apparantly had in place and ready to go. More untruths or just misunderstandings? It's clear that shareholders will not benefit from whatever happens when (or indeed if) financing is sorted, the terms I expect, will be horrendous but the mark of a desperate man.

If I were a holder here I'd be dumping everything I had, even if I believed fully in the project and the man at the helm, it will be carnage when it happens and there'll be an opportunity to buy back much much cheaper. Leave the premmings to hold and convince themselves all will be good. I'd bank any profits or minimise any losses right now and get out, buy back in once the death spiral hits a reasonable low or just walk away and look elsewhere. This isn't going to be pretty.

Yoglet, I'm guessing it's game over for PREM now, if GR had support for the placing he would have done it by now. My thinking is that Canmax have now got their security over Zulu and will now call in the loan as much as they can and demand repayment of the outstanding amount, knowing full well that PREM aren't in a position to make payment.

Luthee (in one of their latest guises) kindly pointed out that Canmax are now in the business of mining and exploration having spent several million in auction for a licence. Zulu is now an easy option for them to get leaving PREM shareholders with a few worthless assets.

Hasiba, you forget that the prepayment amount paid by Canmax was an unsecured debt, had PREM gone bust they would have had to wait in line with all the other creditors to get whatever they could from the liquidation of the company.

What they have now very clear early done is have the debt secured against Zulu with a 50% reduction in the value of Zulu.

It wouldn't have made good business sense to allow PREM to fail until such time as they could secure their investment against the assets. GR pretty much confirmed that they wanted security on the asset in order to vote in support of the resolution.

Now would be the time to stop supporting PREM.

They haven't bought more shares, I don't know where you've got that from, they've got an option to participate in future placings to maintain their % holdings, something GR suggested wasn't possible before, however it was and they chose not to exercise that right.

Quagpalm, you confuse me, one second you're posting "cabmax don't do mining" and you're next post is all about Canmax acquiring mining and exploration rights for billions of Yuan at an auction.

Why buy mining and exploration rights of you don't do mining?

Steward, GR had expressed bewilderment at many things over the years, all of which have proven to be correct. However on this occasion Jaglith is indeed wrong and the "penalties" are not penalties but repayment amounts that are accruing interest. Worked it out a while ago and if I remember rightly the number came in at a little over $65 million that will be owed come April assuming zero production.

Anyway it's all pretty irrelevant to the immediate problems that GR has, the first hurdle is getting the placing out of the way which i expect will be announced today or tomorrow. How much of the 15 billion will he place? How big will the discount be?

To pay all the immediate debts and do what he says he wants to do I can't see him do anything other that use the full 15 billion, as for the discount, I'm expecting at least 25% of the closing price on Friday but could be significantly higher due to the desperate situation GR is in with regard to cashflow and his immediate needs, so anything from 0.0375 down to maybe 0.03

Quagpalm, that's not exactly true now is it? Or are you just as thick as mince?

98% of the votes cast were in favour of the resolution. The majority of those votes were cast by a single shareholder. It's actually statistically more likely that more "shareholders" voted against the resolution rather than in favour, the reality is actually that over 99% of shareholders didn't even vote.

43% dilution incoming, another 15 billion shares to be issued before the end of the week

Mugwump, it's not just about the money now, it's also about the company reputation. If (and it's a big if) GR manages to get the support he needs to place 15 billion more shares and raise funds that won't cover the accrued debts, then who is going to do business with him?

He's now got a reputation for being a serial non payer of bills. He uses force majeure at the drop of a hat, has no regard for his staff welfare as evidenced by non payment of their salaries, all whilst taking his own salary and fees and jetting to London on expenses.

Who would do business with someone like that? Will Goddard contemplate resuming mining operations after the way he treated them? Would they even have the staff available following force majeure?

How soon after placing the 15 billion shares do you think it will be before he comes back to shareholders begging for more? You have stated you think he needs £20 million, where's that money coming from? Traditional lenders don't tend to provide such large amounts of money to people that don't pay their bills.

Certainly looks like they're not supporting the vote, otherwise GR would have announced aome advance funding which would certainly have boosted the SP. Expect there'll be quite the sell off Monday morning in anticipation of the bad news.

Quagpalm, will there be a satisfactory conclusion? Will Canmax be on board?

I wouldn't be so confident. Look back at the last Stockbox interview around 17 minutes in where GR states that if they can be comfortable (that the vote will go through) in advance of the GM then he would have the option for some funding well in advance of the meeting which could be repaid in shares once the vote is confirmed.

No funding has been announced and the meeting is now only 5 days away.

Looks very much like he hasn't got the numbers he needs or indeed the support of Canmax.