If you do the numbers and look at the risk I don't think many existing shareholders will participate.
Anyone who holds 1 million shares has to pay $10,000 to avoid dilution and so on. Also there seems to have never been any financial or budgeting plans in place which is a worry as they stated that they thought the con. note was covered until 3 days prior to the expiry date.
Also the spending is definitely at the high end and with no alternate financial funding ,ie some sort of line of credit in place, it has always been a concern to informed shareholders that are following these events.
My thoughts are that maybe again this has not been thought out properly. Dale Rodgers seems to operate alone as there is only one other director and he represents Ian Gandel's interests and so I am concerned that if they continue it will be down the same path. Remember Ian Gandel is a wealthy man who already owns a mining company and could easily take over CTL. It is a win win situation for him as if the company fails he can easily pick it up cheaply and if it succeeds he also wins as he is a large shareholder.
Dale Rodgers should have appointed an independent Chairman and then we maybe not have been put in this precarious situation.
CTL Price at posting:
0.9¢ Sentiment: None Disclosure: Held
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