sack the incompetent lying bastards

So, despite the "promises" that all was in order, with a positive "spin" even as late as the December quarter report released on Jan 30th, it is now apparent that "all conditions precedent" for the release of monies from escrow were not met.

Today's announcement "skirts" around this subject, & tries to point the blame to the financiers, & hint that legal action might be considered (would take years!); but a competent Board, especially in the current financial climate, would have dotted all the "i's" & crosed all the "t's" to ensure that it had FULLY met ALL conditions, & have done this well before the deadline, nil disputes, & not be dashing around at "one second to midnight", like headless chooks, spraying blood over stakeholders.

Now, they give themselves little or no chance of meeting the deadline for the next tranche of funding, end March.

The "loan shark" standby facility of $30M put in place 2 weeks back (when the Board realised it would not meet "conditions precedent" by 31st Jan?), would result in shares being issued at next to nothing to the detriment of existing shareholders. Perhaps the Board has even let contracts for equipment / works greater than it has the monies to pay for, & could be staring down legal actions without this $30M?

In any case, the Board suggests the Project will have to be put into limbo.

Now that the share price / stakeholders investments have been decimated, perhaps a rejuvenated Board may show some empathy to we shareholders, & pronto, issue 500M shares at 20 / 25c to existing shareholders to try to keep the Project on track, & meet the requirements for the next funding in March? Or issue 1Bn shares (first offer to existing shareholders) & require no outside funding.

Then, at least we existing shareholders are given the opportunity to not get diluted to blazes.

Col8