Ann: $3.75M Raised in Share Placement, page-230

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sanok

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07/01/21

19:03

Post #: 50016449
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Originally posted by Basileus: ↑

Fair post. @mechanic

I sincerely hope tripling your holdings works out for you - as I have noted across the years that I have been posting in this thread - I have never wished financial ill will on any holder nor have i wanted to see people lose their hard earned dollars.

It seems reasonable to conclude, when one examines the published financial record of CGB, that its has done little more than gorge itself on other people's money and provided little or no return. Unsecured loans to related parties - why?

The material presented below (excluding my question) is a record of the Supreme Court of Victoria that is available to the public.

1. http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VSCA/2017/269.html

Queensland Phosphate Pty Ltd v Korda [2017] VSCA 269 (26 September 2017)

Para 15,

"15. On 24 April 2017, an application made by the applicants (filed 12 April 2017) to vary the undertakings previously given by the Feldmans was heard by Randall AsJ. The variation sought was to enable the Feldmans, as directors of Paradise, to obtain a secured loan of $1 million from Queensland Bauxite Ltd (another company associated with them) for the purpose of funding legal and other expenses of Paradise. The application was refused.". (my bold)

Question. What purpose could possibly have been served to QBL shareholders in their company acting as a lender by providing a secured loan to a company called 'Paradise' to fund their legal and other expenses?

In undertaking basic due diligence prior to investing - one might consider asking,

(a) How many millions of dollars has this company (and its previous iterations) raised from investors and shareholders?

(b) What commercial returns have been provided to those who supplied those funds (mostly shareholders)?

And the response after having digested investors money - particularly in the QBL iteration - "red tape and trade wars" - oh ... ok ... then!

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is anyone really still holding this hopeless dog? I have just got rid of it with a huge loss and going into booming cryptocurrencies markets.

CGB Price at posting: 0.9¢ Sentiment: Sell Disclosure: Not Held
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