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Acker he'd be mad not to issue the payment to CZ first as that's agreed to be done at the prevailing SP as it stands right now that's 0.065 (current midpoint). CZ are owed approx $2.2 million or £1.75 million a today's exchange rate, that equates to a little under 2.7 billion shares needing to be issued to CZ to settle their debt. That then leaves him a little over 1.3 billion shares for the cash raise at 0.05 (my expected price) that raises £650k nowhere near enough to last a month.

He may elect to negotiate with CZ for a discounted cash payment of say $1.5 million which would allow him to use the full 4 billion for a cash raise and he may get a slightly better price but either way he doesn't raise enough working capital to last more than 4 weeks. I would expect any potential investment partner would require time to conduct their due diligence so it's unlikely any funding from outside sources (other than Canmax) would be forthcoming within the timescales required therefore I'm expecting another EGM call this week for another 10 billion or more shares to be issued.

Acker I believe what they're referring to is the part where GR states that after the meeting presentations will be made to Canmax and others about funding. One would have to assume that this would be a presentation by the broker and GR to Canmax and the brokers clients of the placing document to try and persuade them to part with some cash for heavily discounted PREM shares

Here you go mugwump

buff.ly/4dea4yv

Pjmcgra, no production of SC6, no export licence and no money.

WWT, Canmax have plenty of options for future supply of product, they signed an MOU with a company in Australia in June and have other interests in Australia. They're also more than happy to walk away from failed projects they've previously invested in for that "inexhaustible supply" you speak of. The fact they've not provided GR with any additional investment or participated in any of the recent placings speaks volumes as to their position.

You'll not be retiring any time soon if you're reliant on your PREM investment.

Can't do that Bonzo, the only vote on offer is for 4 billion shares of dilution. 2 billion of which has to be voted through (Motion 2) in order to try and settle the CZ debt (assuming the SP stays high enough for 2 billion to be enough). If Motion 2 fails then that's a major concern. If Motion 1 fails there'll be alternative options available but wont be favourable to shareholders.

What I'd be more concerned with though is both motions, or just Motion 2 being voted through and he goes ahead and uses those shares for a capital raise rather than to pay CZ. He did it with the 4.5 billion from the AGM some of which should have been paid to CZ.

All will be revealed early next week, let's see if Mr Roach has lied to shareholders once again.

Acker he's tried everything he could but the market isn't falling for it. Why pro ide the liquidity for the seller? Why buy now when GR has told everyone about the 4 billion extra shares to be issued next week. Unfortunately for PREM at these prices 4 billion shares won't be enough to pay the debts and provide sufficient working capital. I wouldn't be surprised if he gave notice for another EGM immediately after the EGM on Monday

What discount are you negotiating for the raise? I'm thinking of a HE1 75% discount given the current situation of 800 million contractor shares to be sold ASAP. You'll want to flip them for a profit so what's the number WWT? Has GR bought a few bottles of an excellent single malt and some good cigars?

Tbob, everyone who knows anything about PREM know for a fact that dilution is coming there can be absolutely no doubt about that. The question is at what price. I posted the other day about how many shares will be needed to settle the CZ debt at various SP levels, as it stands, with the downward pressure on the SP from the contractor selling, it's looking highly likely that these shares will be issued around the 0.05p mark so will pretty much require the full 4 billion shares to be issued in order to settle that debt.

GR has openly stated that the remainder of the shares would be used for working capital. As it stands, he has no choice but to not settle the CZ debt in full and then use 2 billion shares for working capital raise. As you're no doubt aware any raise would be at a discount to the prevailing SP, how much of a discount is open to debate but with the precarious financial position Prem is in along with the known large seller driving the price down the discount could well be very very large

GR is going to have a rather difficult dilemma on Monday should the headroom be approved. Does he pay CZ what's owed to them at 0.05 using pretty much all 4 billion headroom available or does he take the chance that any legal action will buy him enough time and do a raise using the 4 billion in the hope he can get into production and call another EGM for a further headroom increase of maybe 10 billion

Sprint, PREM will run out of cash long before any SC6 is sold

The downward pressure is starting to show. Will be sub 0.07 very soon with no demand and another 850 million shares to be sold asap. The SP come EGM could well be sub 0.05p which means GR will need all 4 billion shares just to pay back CZ with nothing left to raise working capital. Anyone holding now is heading for a whole world of pain next week.

There's the first 50 million sold, only 850 million to go.

Kaltersee, the sells will be warehoused and published later to try and keep an orderly market. 900 million is a lot to get through and volume is very low in fact as of right now there hasn't been a single trade in PREM for an hour

That's the 900000000 contractor shares admitted as of 8am today. I expect there'll be some large delayed trades published over the next few days, these will be the contractors selling down their payment shares to get the cash. They'll know exactly how things are on site and wouldn't want to to holding over the weekend ahead of the discounted raise.

Coops18, that philosophy, whilst admirable, will likely see a reduction in value of your investment if you buy now. Everyone should be fearful of PREM, even basic due diligence raises so many red flags it looks like a May day parade in Moscow.

Exactly Acker, even without the contractors shares hitting the market tomorrow to be sold, there's a guaranteed discount placing coming next week assuming GR gets the headroom approval he so desperately needs

Luthee, the market isn't impressed really is it? If it were there would be much higher volume. All you've got is a few traders who jumped in this morning hoping to make a few quid off of the back of what the fanboys consider to be a great video. The sad reality is that the video was dire and the share price will drop as the day goes on.

Hasiba, the video is telling us George had a boozy lunch and thought he'd climb onto a gantry and try and pump up the share price ahead of the placing, some things seem like a good idea when you've had a few but when you sober up the reality is somewhat different

Perhaps GR has a fear of flying and needs a bit of Dutch courage ahead of the trip to London. The champers will be flowing in first class and he'll then be set tfor a few days to wine and dine in top London hotels and restaurants to get the placing away next Tuesday