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11/09/18
09:17
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Originally posted by djm3001
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They have raised and spent their way through $85 million dollars since RM came on board and have literally nothing to show for it at the moment except a Prospecting License at west Guadacanal.
And not suprisingly they will have to have their hand out for yet more money in the next few days as they must have zero in the bank and money owed at the moment based on their own quarterlies.
Who are they going to get to kick the tin this time? Magna still have plenty of Con Notes to convert and sell down so unlikely they will want to loan any more funds IMO. Anyone putting in funds will want to see either a ML at San Jorge actually issued or a PL at Kolosori in my view. I would think its desperate stuff at Axiom head office at the moment. You cant just keep announcing you "almost" have a ML , you need to actually get one.
Where is the SAA at Kolosori? Obviously the landowner support there is not what has be touted about. Weren't they all champing at the bit to sign up and get things moving? apparently not.
Some of the desperate essays on here proclaiming Axiom as the saviour of the SI are beyond ludicrous. What is the difference between Axioms two small projects and the dozens of other current prospecting tenements? Nothing.
The wait is over. Its the pointy end of the road. They have announced they have an "approved" ML for San Jorge. well where is it after 3 months? They have an LOI for Kolosori so where is the SAA so they can get a PL issued? Its now or never to produce something or any Capital raising will be on ridiculous terms and will be seen for what it is simply a way to keep the gravy train running for a little longer.
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It's a staggering amount with so little to show for it. All this waiting around is surely expensive.
If RM kept Kolosori as purely plan B he could have already put another project into production with the amount that he has spent. But that would have required doing actual work.
One of these days questions will be asked where all this money has gone to and I am not confident the people in charge will emerge unscathed