As I've previously stated, CLZ is insolvent, it's fate in the...

As I've previously stated, CLZ is insolvent, it's fate in the hands of it's creditors and nothing the company can do about that anymore. If any new investor is considering taking a punt or any existing holder interested in the parlous state of the company's finances I urge you to read pages 12 and 13 of CLZ's 'March 2024 Quarterly activities and cash flow report'. That's over $5 mil of loans and just the tip of the iceberg of the company's debt. Many of the loans are already overdue and the remaining loans have maturity dates from June through to September. Half of them are secured against the company's assets so any number of creditors could put an end to this charade. They had 94k in cash at the end of the March quarter so I imagine a portion of this 2 mil raising will go towards backpaying staff. Perhaps they'll service the 250k vehicle...either way whatever remains won't go close to repaying those loans.
It's hard to know what their overall debt position is. You'd think LDA Capital is their largest creditor and they could be owed 15 mil potentially. The AGM must have been interesting this year. Doubt a retail holder was anywhere near it given they've been diluted out of existence. Big room full of creditors though, all looking for a way to manipulate things to protect their own interests and surely pondering the futility of the circumstance they now find themselves in. Like a pool of sharks and piranhas fighting over a sardine.
So what is CLZ other than maybe a 20 million dollar pile of debt. They blew 15 mil the past two years on Kat Gap and produced a $985k gold bar. In the March quarter this year they produced just under an ounce of gold and added a whopping $3k to the coffers. And that was that. No more mention of Kat Gap in the March Quarterly, they'd moved on to Forrestania. As I understand it Forrestania was owned and mined by Sons Of Gwalia a long time ago. It wound up in the hands of Reed Resources which became Neometals. They weren't very interested in it so they flicked it to Hannans Resources which became Redivium. Redivium want it off their books because they incur maintenance costs. It's worth pointing out that CLZ doesn't even own Forrestania yet. That's another half of million they'll have find somewhere. Even if they managed to procure it, in one of their announcements they mentioned that they would need to find a partner to develop it. I'm sure Reed Resources, Neometals, Hannans and Redivium were all looking for partners to develop it as well.