re: Ann: Annual Report, Notice of Meeting and...
Nice to bury another con note to Ascan Capital for $1.2mil (or $1.4mil once you include the fees). And the first 3B is already issued for 50mil shares and 50mil cheap options.
Not bad for a company that is supposedly fully funded by Noble agreement. And defering (inflated) salaries which are now part of a debt to equity swap.
Ok, the have closed the Celtic note which is positive. But jesus the terms were horrible and we haven't learnt with this new note.
Good at printing shares.
This suspension is intriguing. Lasting awhile. Wouldn't think it is related to Ascan note as it is now a known event. But we will know on Cup day the situation. Must be after more money. The "corporate activities" is the interesting part. We have mentioned expanding in the region.
"the funds raised from the issue of the securities will be used to fund the development of the Company’s Zambian Manganese Projects, general corporate and working capital. "
With this latest 3B, the OKAP and Noble notes and warrants and deffered salaries. This company has a license to print shares and it has been going on for years.
Clearly they have cost over runs. We draw down on tranche two well ahead of schedule and now this Ascan note.
KAB Price at posting:
0.4¢ Sentiment: None Disclosure: Held
