To add to my earlier post, the rights issue shortfall is underwritten to $4M and $250K placement to Grafex (in lieu of cash) meaning TON is guaranteed to receive a minimum of $4.25M in cash and value.
This $4.25M is separate to any entitlements taken up by shareholders.
Best case is total cash and value of $11.3M = Rights taken up by shareholders + $4.25M + remaining shortfall placed after Rights issue closes.
Worst case is total cash and value of $4.25M = $0 + $4.25M + $0.
The share price is not controlled by management and this fact is expressly warranted in the Annual Report.
I have worked for companies were management have taken a haircut when there are insufficient funds to pay staff. Cost reduction and efficiencies including reducing salaries may need to be implemented and I dare say, as the Company is still relatively small, may have been the reason for MB leaving.
The chairman, CC is a chartered accountant and first and foremost in his mind will be cash flow forecasts for the next 15 months. PF, the Mozambique director is also a chartered accountant. BB is a lawyer. AJ is a business man and AG a geologist. All understand the importance of budgets and forecasts.
Discussion of overpaid executives smacks of "it's not fair, what about me!" The business of running a successful exploration company is not easy and requires stable, good quality and if necessary, well paid management.
The ASX is littered with companies at 0.001 cents per share where new management and a change of direction occurs and now is a biotech or dot.com company.
I take my hat off to TON managment for what has been achieved to date.
Please DYOR.
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