The loans announced were exactly that and the $4m one was subsequently cancelled. I don't believe any shares were handed out. It is my understanding that the market was negative towards the company taking on debt instead of using equity to advance drilling and brokers started selling down and driving the share price down. IMO JP did the right thing in raising equity to replace the debt and keep key market influencers onside as we approached the drilling program especially given St George needed more funds. Being agile, responsive to changing circumstances and / or recognising you made a mistake and / or there is a better way is what makes a great leader - and that is what St George has in John Prineas.
There are a multitude of things that go on in an organisation at Board, CEO and management level (even with small explorers like St George) that in our situation have an impact on the strategy to become a successful profitable miner and creating wealth for shareholders - raising of capital and when, tenements to focus on whilst not losing them due to no activity, getting other tenement, JV partnerships and timing, exploration programs, drilling programs, off take partnerships and timing, strategic investors like the BHPs and IGOs and big overseas players and timing (suspect there are lots atm), sale of non core assets, getting brokers and other key influencers on board and timing, dealing with a multitude of experts, other suppliers, government departments, ASX, etc, etc. Looking at St George's corporate expenditure in the latest quarterly and comparing it to many other explorers you would think St George was stagnant like the many other explorers as opposed to being extremely active and on the cusp of the next biggest discovery.
I think John Prineas has enough on his plate trying to make St George a great success and am happy for him to focus on getting the job done rather than waste his time on multiple updates to shareholders to make sure everyone knows as much as he does - it does not work that way. I also suggest you compare the St George communications against the plethora of junior explorers and speculative stocks on the ASX and you will see that St George is one of the best as far as shareholder communications and updates goes.
The drilling has started, we have a fantastic 42 DHEM target program with a historic 100% success rate, 31 more DHEM readings they are finalising as targets, several very exciting large anomalies down dip, surveys happening to define more juicy targets at West End, Fairbridge and FishHook, and a drilling program that looks like being more than 10,000m.
Shooting off what I would categorise as trivial complaints from your armchair adds zero value to the share price and just causes negativity which breads negativity and gets share holders panicking and selling their shares very cheap. If you are not happy with your investment I would recommend you quietly sell your shares and I wish you the best of luck investing in a stock you are happy with.
I just don't understand the complaining and negativity days before St George embarks on such an exciting drilling programs that may deliver the next Nova!
SandyC
SGQ Price at posting:
11.3¢ Sentiment: Buy Disclosure: Held
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