Few interesting points I found in the statutory accounts.
So that another lazy 100mill+ shares to throw on the pile of the upcoming give away.
Finally some details on the $500k we are giving WRM, seems like we are giving them an unsecured interest free loan of $300k and buying $200k worth of WRM shares at the market price, no idea it's a total wtf deal, their is no logic reason to do this, it's definitely not increasing shareholder value.
They also spent once again almost $500k on salaries for themselves, lucky they loaned themselves $500k, this year at an 8% interest rate, so it can be paid back once we take up our rights good deal for them, not all negative they did manage to lose less money though $1.4million loss, down from $9million.
The best for last, this little nugget cracks me up when I think about the update just before the rights, how they talked about minimizing dilution check this one out.
"The company will have sufficient additional funding from FUTURE capital raising", that's not what the update plan said, it said ACQUIRE silver JORC ounces in the ground conserve cash and wait for silver price recovery, no mention of drilling or exploration, this is bullshit, when the money runs out and salaries are due we are headed for consolidation sooner rather than later.
If you look at the forward looking statement they said they want to stage 2 start exploration, no way to do that without consolidation the asx won't allow it too many shares now they must consolidate before another raise.
This is beyond frustrating I loved the plan in the update a few months back, but now the 1billion+ share give away, the unsecured interest free loan, the investing in another company at market price, the exploration plans, the fact they have no acquired any JORC ounces with $2.8 million raise, the fact they have a plan to spend the whole $2.8 million immediately, it's too much for me I was loving now im hating it, if they released this bomb before the rights expired I would have sold them.
Will still make money if silver goes crazy, before they run out of money, im gonna find something with better management though i'm done with these guys, they are way to liberal with our hard earned for my liking, gl to all.
