Ann: Change in substantial holding, page-10

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06/09/18

13:49

Post #: 35447723
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Originally posted by skyscraper99 ↑

Yes good question, when

Woomera raised money in the prospectus largely to carry out exploration and each tenenent was assigned a specific amount to be spent on exploration in year 1 and year 2

More than 6 months after listing there has been no reported exploration other than a visit to a couple of areas and there is nothing planned other than another alleged visit, other than some mapping SA that Oz Minerals are paying for.

The vendors got native title agreements on vast majority of WA tenements a long time before Woomera took over and have details of what is required to start exploration.

When money is raised for exploration should those shareholders expect actual exploration??

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From the last quarterly....

Exploration and evaluation..29k spent up to 30-Jun-18 with $175k expected to be spent in Q1 18/19.

At 30-Jun-2018 they still had $3.2m left out of the $5.71M raised.

If the prospectus stated what the money would be used for and a time frame for the expenditure and the money was eventually spent on other things with out a really, really good explanation, I would assume that if someone pushed the issue they could have a problem(?)

Do you think that the prospectus was misleading?

((I am not a lawyer, nor do I work in the law industry, so the above is an opinion only)

WML Price at posting: 9.0¢ Sentiment: None Disclosure: Not Held
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