and i thought bergen was a joke..., page-24

Shareholder I too got a response from JB....he mentions the $10M is for approval for a future placement in AGM...if approved to give the company flexibility over the next 3 mths....the jist that im getting...is that the company wants to focus outside of S Africa...since money from the two operating mines and SIOC funds can only be used in South Africa.

The company wants to diversify elsewhere as there is a perceived risk of operating in South Africa alone...which is probably why we can't get Insto's investing in CCC...

Hence Columbia option....in fact hes given a bit of detail on this he reckons that Conti has drawn down on $2.5M of the $5M facility...and does not expect to draw more...the $2.5M will most likely be the only amount of debt converted to shares by Bergin...but was necessary to obtain access to the high margin coking coal option...which he thinks will be a significant asset to CCC.

I think the $10M will be for business outside of S Africa...
most likely funding for Columbia Investment...if approved at AGM...comes at a huge cost 25% dilution...

He reckons that there will be a quarterly report at the end of the month....which will include "details on our production activities, development plans and exploration programs as well as those legacy matters and new business opportunities that have been advanced with legal, technical and financial due diligence over the past 3 months. The report will cover the quarter and have figures for the year to date including unaudited profitability, cashflow and balance sheet numbers."

From the sounds of things Vanmag is no closer to being finalised....

Also that if future funding is required this will be sought via Share holders...

I shall look at his response at a finer detail tomorrow and update if I have missed on anything important..

Personally I'm voting No....to Resolution 5...Would not want anymore dilution to happen...if funding is required this needs to go via Shareholders....