re: Ann: Akjilga Raising Unsuccessful - Execu... Wow, I'm really...

re: Ann: Akjilga Raising Unsuccessful - Execu... Wow, I'm really sorry this didnt work out for all you holders.

When the announcement came out the other day that the Copper project was over and the Silver one was on the rocks I thought the likely scenarios was for Ross Smith to come out with a small CR and a statement saying the company will focus on the Aussie Assets.

He has however, effectively washed his hands of the matter and certainly wont be putting CEO of Red October down on his resume.

It appears as though he utilised ROS (which was originally spun out of another co to focus on the Aust assets) to try and secure a project that was too large for the company to take on. Not only that he went after 2 large scale projects with a company that had a MC of sub $10m.

What happens next is anyones guess...

However I hope that the following plays out:

1. The entire management team and everyone associated with the previous management team is removed from the company (including the entire board).

2. It is replaced with a team who want to examine the Aussie assets

3. A small cap raising of sub $5m takes place. This will help them fund the initial investigation of the Aust assets.

From the original prospectus I think ROS needed to spend $10m to secure 70% of the project. So this $5m may carry them for a year and depending on the results we could then get another CR in mid-late 2012.

All IMO, DYOR and I hope for a further update from the interim CEO shortly.