You know, reading back through the 6 monthly and extracting the following, I just want to go out back and give the dog a kick in the guts because that's what I feel the directors operating within their legal entitlements did to us when the signed up with Liongold.... this blatant disregard for investors is the rot and decay that is turning the ASX into the biggest turd pile in the investment world... I rate SBL as a hold because it's the only viable option outside of a big juicy capital loss.
The ability of ther consolidated entity to continue as a going concern is dependent upon the availability of funding under the US$50 million loan facility provided by LionGold Corp Ltd to continue funding exploration activities and sus;taining expenses. LionGold Corp Ltd intends to fund the loan facility through existing cash reserves and caprital rising if required. The ability of the Company being able to repay this loan to LionGold Corp Ltd is dependent on future mining success or refinancing. On the basis outlined above, the Directors believe the Group can meet all liabilities as and when they fall due and are of the opinion that the use of the going concern basis of accounting is appropriate as they believe the Group will be successful in securing funds through the financial support from LionGold Gorp Ltd. Should LionGold Corp not be able to provide sufficient financial support, there is material uncertainty that may cast significant doubt r:n whether the Group will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilitles in the normal course of business and at the amounts stated in the financial report.
SBL Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held