and i thought bergen was a joke..., page-5

Well I've had enough of seeing these guys milk shareholder value for every last cent so I have just sent off a heated email to JB to let him know in no uncertain terms how I and the majority here feel about this proposed raising. Someone's got to speak up after all; discussing it on HC sadly won't do a thing. I'll repost his justification for the raising on here if it is valid.

Hi Jason,

As an ex-shareholder of a company that you a director of, I figured it would be fair of me to pass on a few comments about Continential Coal.

Over the past year, the company has raised funds with Socius, Bergen, and now are looking to raise another $10M with an un-named party. Why the need to raise all of these funds when the company has loan facilities in place, has cashflow from mines, has the SIOC funds, and has for a long time been 'close to finalising Vanmag'? Does the board not trust their calls that the Vanmag $10M is close, and that mines are generating cashflow? How much of the $10M will be shoved under the rug as finance fees? Why should the stock be diluted roughly 25% at these prices when the $20M SIOC is supposedly finalised for use in South Africa? Finally, is the company brave enough to release profit/loss guidance figures like a professional publicly listed company does? I would be very careful with how you and the rest of the board manage this company, because a board spill ala the recent Central Petroleum one could be on the menu in my opinion. A strong retail shareholder base like that of CCC's could cause a real uproar if they put the effort in. I know I speak on behalf of the majority of shareholders when I say that they have had enough of this company's poor capital management. It's pathetic if you ask me. No need to reply if you feel too ashamed, its understandable that you might feel embarrassed to be on the board of such a poorly performing company. Don't mention other coal stocks to justify Conti's poor run, because I find it hard to believe that any of them have managed their funds as appallingly as this company - after all, that is the heart of the disaster with Conti.

If you for one second I am rough in my judgement, then take a second to think how the shareholders of your company have felt over the past year and a half.

Yours,