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Metalbasher, perhaps he'll repay it all from the shares he still has available from the last AGM, after all that was one of the reasons the company wanted the 4.5 billion shares.

20th March RNS

As announced on the 9 August 2023, the board entered into a Loan Facility Agreement with George Roach (“Facility”). While George Roach agreed to waive immediate settlement on the Facility to allow the Company to conclude the fund raise announced on the 15 February 2024, theCompany is now in breach of the Facility, and it is imperative that 370,000,000 new ordinary shares are available to the Company to ensure that an agreement can reached with George Roach for the default and also settlement of the Facility.

Goingtomoon, I understand English is not your first language, but all is not good, all is very very bad, share price is going down and very very quickly, company has no money and cannot get any more money when share price drops under 0.05p unless it doesn't pay debts and then will have Zulu plant seized by legal action from China Zenith

Iky, I don't think anything other than a yes vote is an option. Rather than looking to average down maybe consider playing the game, like Acker has done, sell a portion of your holdings, wait and buy back with those funds plus what you'd be using to average down all at the much lower (close to) placing price giving you the opportunity for a greater profit if the price goes up. Selling a million shares at 0.07 gets you £700 buying £700 at 0.05 gets you 1.4 million shares, translate that across your holdings and factor in what you're willing to spend to average down might just make a difference in your break even or profit numbers

Al4x in order to day trade you'd have to expect the price to go up outside of the spread, that's highly unlikely now that the market has been told by the company that dilution to the tune of nearly 5 billion more shares is guaranteed.

Radika, Acker isn't being negative just realistic. Once you take a step back and look at the situation objectively everyone would come to the same conclusion, even those in the PRG who are still being blinkered and talking themselves into thinking that this is a sound investment opportunity, not even Noel, Snowking or DEB have attempted to spin this, they know they couldn't possibly get anything positive out of the dire situation the company is in. DEB must be panicking about how he's going to pay back the bank of Mum and Dad should PREM either delist or go into liquidation

Dazed there won't be a placing if the SP continues down, just a share issuance to pay off CZ utilising the full 4.9 billion to settle the debt. After which PREM has no money and no ability to raise funds outside of the death spiral route.

Billybob99, if it drops to or below 0.05 then the 5 billion alone won't be enough to pay back CZ what's due to them. There'll be no shares left available for any capital raise leaving PREM with absolutely zero cash, zero revenue and a plant that isn't capable of production.

What evidence of insider trading?

DrJekyll it was an absolutely awful interview. George admitted openly that the optimisation will not happen quickly. He admitted that shareholders will be diluted (assuming he gets the vote theough). At what price will the raise be? If the SP drops to 0.05 or below prior to the EGM then he has barely enough headroom to pay CZ, or will he take his chances and once again not pay them and find PREM subject to costly legal action?

5 billion shares at 0.05 gives him enough cash for about 6 weeks (assuming they've still cot some cash in the kitty) nowhere near enough to see Zuku through to production and sales of any product.

That was pretty dire, GR sounding more desperate as the interview went on. His parting words say it all:

"It doesn't make up for the dilution that's coming!"

There you have it straight from the horses mouth, there will be a discounted raise, there will be significant dilution. At the current SP that dilution is not going to be anything close to the funds required to keep Zulu running.

You can guarantee that the PRG crowd, Noel, Snowking and DEB will be doing their best over the next week or so to pump up the SP, no doubt GR will be doing a Stockbox interview where he tells Mark "leading question" Fairbairn that he's very encouraged by the grades produced by the plant and that he doubts he'll need the 32nd of July before hitting a gazillion tonnes of the purest Lithium ever produced in the whole wide world. Then he'll wake up and have his Frosties.

That's the sensible thing to do Acker, pointless holding knowing that the dilution and discounted placing is coming. Pointless buying any right now and providing liquidity to those selling ahead of the raise.

Metalbasher, I reckon now he's announced that the company are pretty much insolvent unless he gets the vote through, he's looking at around 0.07 at the very best (most likely closer to 0.05) for the placing. CZ are owed around $2million or around £1.6 million so at 0.07 that equates to approximately 2.3 billion shares, that will leave him around 2.7 billion shares which will allow him to raise approximately £1.9 million before fees so around £1.6 million or $2 million after fees. Mining costs we know to be $1.5 million a month and then all the salaries and consultancy fees added on uses up the remainder of the money. So a raise on 30th July and payment of the CZ debt will give GR enough cash to last about a month, certainly won't leave any spare to pay for new sorters or magnetic separators. There'll be no income from anything produced post today for at least 2 months probably closer to 3 whilst they wait for the export licence process to complete, so what's he going to do for cash when the money from this raise runs out? No serious financial institution would lend millions to a company that has no cash, has a history of not paying its debts and no short term ability to make any repayments.

Won't achieve higher grades with the iron contamination

Luthee what are these facts that you speak of, that haven't been expressed by others here?

Canmax and Pei, aren't calling the shots, if they were the company wouldn't be in the dire straits it currently finds itself, all because GR has been left to call the shots, he has failed miserably to deliver on each and every project he has undertaken. Zulu has see shareholders diluted by 10s of billions of shares with a further approximately 5 billion to be added to the total. That 5 billion once CZ have been paid won't make a dent in immediate financial needs of the company when they're issued at a massive discount.

Or are they calling the shots and hanging GR out to dry by removing their support and allowing him to fail on his own. After all they're certainly not interested in participating in any more placings. They could be working with a potential new partner who could pick up Zulu for a a song, they'll get their money from the receivers and form a new partnership agreement with a more competent company and CEO

Sprint, they'll want guarantee of supply, something that PREM just cannot offer. It would make sense to diversify rather than sit, wait and watch GR put Zulu into C&M.

Metalbasher it might run for years but not with PREM owning it, I expect Canmax will make their move now

Jaglith it will be closer to 5 billion as he's got a bit left over from the last raise so around 16% further dilution at a heavily discounted price.

You can also guarantee that CZ won't be holding in to those billions of shares and will get whatever they can for them, that significant selling pressure will see the SP decrease further. The city boys will know this, they dint want to become PREM holders they want to flip their shares. Could well see a raise with HE1 type discounts

Sprint the next news will either be that something else is wrong and it's going to take more time or confirmation of the results of the EGM quickly followed by an RNS confirming the issuance of another 4.9 billion shares at a massive discount that will provide enough working capital for a couple of weeks.

There won't be any RNS confirming sales of SC6 this side of October and quite frankly they just don't have the capability to raise sufficient funds to last that long with the cashburn as it is.