Member Info for TheCondorMan

My post on 23 May :

"the reason why placing has been forced is because auditors will be auditing the accounts soon... without showing tangible solvency before june end (financial year end)... auditors will not sign off accounts as a going concern. why ? liabilities.... harry's penchant habit of resorting loans that attract extortionate interest rates (over 30%)... if harry was **** sure of clinching the funding (as he has been over and over again almost every quarter for the past 8 years)... the latest promise was q1, then now by june end... why dilute shareholders again.. when funding would be secured and auditors satisfied with solvency of the company.

but no... he resorted to shafting shareholders again.. by issuing a further c1 billion shares. and to the keen observer implying no funding deal is due by end of june."

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aaaaand. i was 100% spot on :

from the Q&A :

"The placing timing was driven by year-end audit sign-offs on solvency at KEFI, combined with pressure from KEFI's bankers, contractors...."

and

" The rationale of the raise was therefore:

protecting solvency; ....."

Mugs like you have come and gone.. in the past 5+ years... same the same old tripe... you'll disappear soon as well just like the dozens of others that posted similar un-original garbage

How Kefi at the company level gets paid or funded.

The parent company (KEFI) will typically enter into a management agreement or technical services agreement with the project level outfit. Under these agreements, KEFI provides its expertise, oversight, and corporate services to the project. In return, the SPV (special project vehicle) pays KEFI a fee. These fees are legitimate project expenses and are budgeted for within the project finance model.

Pre-development costs incurred by the parent company before financial close can be reimbursed by the project SPV once project funding is secured, if those costs were directly related to the project and agreed upon in the financing documents.

Do you really need an rns to understand what ive posted ?

just do some logical thinking. If your company, at COMPANY level has expenses millions and millions at get the TK project off the ground... and securing the funding.... it goes without saying it's the COMPANY that will manage the project level activities. Therefore, it follows, the millions that have been expensed, need to , at least partially, be reimbursed to the company at the company level - afterall it was at the company level that the money was spent to get TK resourced up to convince the investors to cough up at the project level.

Further, as the projects will be managed directly at the COMPANY level... where do you think funding from this comes from ? Who is going to pay and provide the working capital ? The project level funding has to pay its way for being managed by the company. And so they will have to pay money to the company at company level.

Seriously ? it's not Einstein level maths... do it yourself..

when Harry joined... there were c 400m shares in issue

placing after placing occurred... then they did a 1 for 17 consolidation.

current shares in issue is c 10 billion. But in reality, it's 170 billion because of the consolidation... in real terms

put it another way... it's gone from 24 million shares in issue to 10 billion now (if you take into account the consolidation from the start)

A portion of the funds can be used to cover expenses that benefit the company, even though they are not directly tied to the project itself.

Lender Fees and Commitment Fees: These are expenses associated with securing project financing.

Legal Expenses: This may include costs related to defending the project against false claims or other legal matters.

Working Capital: This helps cover general operational expenses and ensures the company can continue to operate while the project is being developed.

Think about it, who is in charge and control of the project level work ? It's the company at the company level... because it was at the company level that enable the process to secure the funding. Therefore, it follows, funds can be used at the company level to ensure debt related to work gone into securing the funds at project level, is repaid, and working capital that has been used, and will be used at company level to execute the work at project level is sourced (from the funds).

Oh dear.. let me educate you.

KEFI funding for the Tulu Kapi project can be used at the company level, particularly for costs related to project development. This includes expenses like lender fees, securing components, legal costs, and general working capital. Furthermore, some funding is directed towards subsidiary-level activities, such as equity capital preparations.

Company-Level Use:

The net proceeds of fundraising are used to cover expenses related to the Tulu Kapi project, such as lender fees, component costs, and legal expenses.

Subsidiary-Level Use:

KEFI Gold and Copper is also making preparations at the subsidiary-company level for equity capital, indicating that some funding is being channeled to these entities.

Project-Specific Focus:

The funding is specifically earmarked for the Tulu Kapi project, including its development and potential future production, with the goal of generating cash flow for capital repayments and dividends.

The same genius that magically takes 400m shares in issue (when he took over) to nearly 170 BILLION shares now (real terms - they had a 1 for 17 consolidation in 2017) in 7 years

170 BILLION... take that in. You'd be hard pressed to find an AIM outfit that matches such a record. But the Fat Aussie and his his sorcery laden tongue does the trick

Just a sample of what sort 5y5hter he really is :

This placing :

"Today's Fundraise will allow the payment of various closing preparation costs including legal costs, bank commitment fees and various other launch-related requirements such as certifications of costs and schedule."

the one before (dec 2024) :

"..announces a Capital Raise (as defined below) to fund closing costs and final preparations for project launch at Tulu Kapi, with full project launch expected in early 2025."

the one in march 2024 :

".. is pleased to announce a fundraising package to facilitate full project launch at Tulu Kapi, with project launch expected to occur in mid-2024."

the one in may 2023:

".. Completion of project financing and launch of the Company's Tulu Kapi Gold Project."

the reason why placing has been forced is because auditors will be auditing the accounts soon... without showing tangible solvency before june end (financial year end)... auditors will not sign off accounts as a going concern. why ? liabilities.... harry's penchant habit of resorting loans that attract extortionate interest rates (over 30%)... if harry was **** sure of clinching the funding (as he has been over and over again almost every quarter for the past 8 years)... the latest promise was q1, then now by june end... why dilute shareholders again.. when funding would be secured and auditors satisfied with solvency of the company.

but no... he resorted to shafting shareholders again.. by issuing a further c1 billion shares. and to the keen observer implying no funding deal is due by end of june.

"Give the guy a chance, then you can do what you want..."

this is like a perpetual echo... same plea for the past 5 years. All the while Adams trousers over £1.5m in salary/benefits

Dopey.. read it again... no mention of financial "sign off" this year... in fact it says... ref signing.. even then this is same ol' b/s they've been saying year in year out for the past 5+ years

Jan-Feb: Independent certifications of readiness to trigger Major Works for signing definitive detailed documents and drawdowns to follow as disbursement takes place per schedule.

The La India Open Pit has a probable mineral reserve of 602,000 ounces of gold.

La India project : Condor has 2.4 million ounces of gold in Nicaragua

total 3m oz

the £67m tag isnt even an all cash deal...

Sources told The Reporter the Oromia regional administration has issued a final warning to the mining company, instructing it to fulfill capital requirements and resume activities at its site in Wollega.

and

“KEFI is acquiring different licenses without progressing on its existing license. Its aim is to continue raising funds abroad by painting a picture in investors’ minds, as if the company is operating several with licenses at the same time. The company also often uses security threats as an excuse for its non-performance, while the major problem is its lack of finance,”

thereporterethiopia(dot)com/42875/

"On average it takes 12 years to get a kine to development, the only feasible way to fund it is through dilution."

dopey.... The Tulu Kapi area was part of a gold rush in East Africa in early 1900s. In 1901, the company Mines d'or du Wallaga was established in Antwerp to mine the area

TP was then explored and gold discovered by an Italian consortium in the 1930s. In fact gold was mined back then.

in 2009 Nyota Minerals bought the license.... spending millions and proving it up

after spaffing away $millions of shareholders cash.... they realised the Ethiopian authorities were nothing but a useless bunch of to55ers.. were stringing them along... so

in 2009 Nyota Minerals finds a gullible mug to buy the license... who was the gullible mug ?

yep Harry thought it was a great idea to buy it out from Nyota...

so in 120+ years TK has progressed naff all in getting it mined. Not 12 years....

It was more productive in the 1930s when the corrupt bureaucracy wasnt in full force...

Harry gets £500k in salary and perks... what has he got to show for it ? 10 years of massive dilution .... from 170 million shares in issue to eye watering 136 BILLION. (pre consolidation) AND Zero return in value... in fact 99% share price wipeout.

if you failed to deliver in your job, even in 1 year, you'd be sacked.

He works hard ? does he feck.... he owns and run's two other companies..... must working fecking really hard to have time to give himself a salary via two other outfits.

In "When Harry met Sally"... it was Sally that faked the orgasm..... in Kefi 's "When Harry met Winni".... It's Harry that has faked multiple orgasms.. and Winni believing it each and every time !!

No.. the raise was done, as has been the case last year, because end of financial year is 31st dec... and the auditor will not sign off the accounts if they see the enormous liabilities and no way to pay it back.... hence the cash raise.... and so allowing it to be a going concern.. otherwise the auditor wouldnt sign off the final year results... simple as that

Said the same each and every year for the past 7+ years... you have to be a right gullible mug to believe it.

Rob.. STFU!!!