Attended the AGM today at Torian's modest Perth office.
I am OUTRAGED that there was no tea or coffee, not to mention there was not a TimTam in sight. Tight arses !
To be fair it looked like they were still in the process of moving in.
As usual the formal part of the meeting was about as scintillating as watching paint dry, all resolutions passed (overwhelmingly) blah blah blah
Turnout was typical, 4-5shareholders and an auditor, although the 2 existing TNR directors were a notable absence ? Probably saved shareholders a few bob rather than cross the country for a 20 min meeting.
Matt Sullivan and Andrew Sparke were happy to chat with the shareholders after. They are keen to get going on the ground. The immediate focus is to complete the placement of the SPP shortfall as well as finalise the current raising to sophisticated investors. There is a bit of house keeping to do such as tidy up the register. There are many shareholders left with unmarketable parcels, now that the spp is closed an offer will be made to clean up these parcels. The cost savings to TNR will be significant.
Formalisation of the Cascade/Torian J/V is well advanced.
Cascade continues to negotiate on further tenement acquisitions around the Zulieka (spelling?) project. If successfully negotiated these tenements will be incorporated into the J/V for nil consideration. It seems that they have raised quite a few eyebrows in and around the goldfields with the package they have managed to assemble. With strong interest in recent acquisitions in the area and having market darling Northern Star as one of our neighbours, I think the timing here has been good. Hopefully this interest will translate to solid interest in the current capital raising. Indications were that so far they have had a good reception.
They have a mountain of data for Zulieka that is being compiled into the one data base for analysis and target selection.
They have had discussions with drilling contractors and will finalise arrangements post CR.
Application for approvals for the 1st round of drilling are well advanced.
In essence....Trim the sails, fill the coffers and test the ground.
TNR Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
