Do you actually just spin words together in the hope they sound good and make sense, honest question ?
"If one follows chronologically how cokal's management improvised to get things up and running i.e. canceling beacon money and starting bbm anak to bridge the bbm pci, etc, he will appreaciate how great this management is.."
1. BBM Anak isn't bridging any gaps. Since August, it has only produced 10kt of coal, and been paid for 5kt from what I can see. That is almost 6 months to produce 10kt of coal and be paid <$500k. BBM Anak isn't producing at 100ktpa at all, it isn't supporting the company cash wise, and would actually be costing us money to maintain whilst no real sales
2. Cokal told you they cancelled the Beacon money, but do you actually believe them ? US$10M guaranteed in the hand is big to turn down. Did anyone else not think it was coincidental, they mentioned needing the export license at the same time of the Beacon funding, went silent on both for over a month, came out and said they no longer required 3rd party funding and were cancelling the deal ? If you ask me, the export license was a condition of that and Beacon walked away. The reason why you ask ?
3. Just 4 weeks after saying they didn't require 3rd party capital to complete the PCI, they announce a $4M con note with Magna, which the funds were even stated to be used to complete the PCI. I thought they turned down Beacon and didn't need 3rd party funding ?
4. The magna deal smashed the stock from 8c to 3c, and only gave them $2M of funding for the trouble. They announced the deal when the stock was 8c and capped at over $50M ! Letting a stock fall 62% to "avoid dilution" as Martino claimed is absolute stupidity, especially when the dilution was only 4%
5. CKA realise they are in trouble, facing all time lows, Magna with the noose around their neck and another conversion pending, and then coincidentally Martino secures a non-binding $400M offtake to save the day
6. The off take eventually falls over, after less than a month of negotiations, but again, don't worry as there is now a mystery Japanese buyer in the winds
CKA require $2-3M for working capital at minimum and at least $3-5M for the PCI by the sounds.
I'm really not sure I'm seeing the business genius @Kepo, but you keep making excuses for Martino saying not everything run's smoothly
CKA Price at posting:
4.9¢ Sentiment: None Disclosure: Held
