Couldn’t let this special day pass without noting its...

Couldn’t let this special day pass without noting its significance for Panax investors.

Yes folks it’s exactly one year today from when we were told in the March Activities Statement that the PPA’s for Sokoria and Ngebel were imminent. It was also stated they expected to execute Dairi Prima during the coming quarter.

We were told in the July Activities Statement that PPA’s would be executed shortly.

In the September Activities Statement they stated PPA’s were taking longer than expected

In the December Activities Statement they stated progress was disappointing and they were following up PPA’s on a daily basis.

Well as we all know nothing has happened. The SP has dropped from 1.3c to 0.1c (currently at 0.3c) and I for one am have taken large losses.
I stupidly believed what was being said and tripled my holding buying between 1.2c and 0.2c.
Far be it from me to say we were lied to however I think management were careless with the truth.

Now with the consolidation complete we are now in the position where we can lose even more money, there is no way it will hold the 3c just look at the bids for PAXDA.
In the absence of PPA’s I cannot see how Panax (Raya) could possibly raise more funds so the only way for the SP is back down.

We need these PPA’s within the next few weeks to keep us alive, the SP would lift markedly and perhaps we could get a Capital Raising away at a reasonable price.

We have heard little in the last 12 months about progress of any projects and the whole year has been spent making dodgy financial deals which have seriously diluted our holdings and destroyed the SP.

I look forward to the March Activities Statement,I expect we will read things like making progress on projects and about potential project funding as we have seen in the last few statements but no details. They may even talk of diversifying into precious metals, get real we are almost broke where on earth do they expect to get money for new ventures.

I will also be interested to see how much money is left in the kitty I will be surprised if there is more than $300K.
We now have new management, I hope they realise investors have been well and truly screwed and they need to quickly fix this mess and restore investor confidence.

But not to worry the PPA’s are imminent.