Ill take it down the positive route as I dont want to have back and forths with holders who I know are in pain, funny I was going to actually pull the clip book out on you too but Ill try to turn a new leaf as I think there is truth in what you say, its not good form on my part to attack holders, I guess my justification is keeping people accountable, but Ill refrain from that going forward, hard habit to break but its waste of time and with some reflection I dont want to just dunk on people but rather move forward in good faith.
Im not an ex TVN holder, but even if I was anyone could comment here, free forum, I would comment here if I didnt hold too, but I do hold you can go back and see my history been in and out of SRN for years.
Saying Vlad has been owed money for a decade is misleading, its nowhere near the $12 million owed today.
A little break down for those not aware:
In April 2019, Surefire Resources NL (SRN) acquired the Victory Bore Project (This was Vlad selling an asset to himself.)
As part of the acquisition agreement, SRN entered into an agreement with Mutual Holdings Pty Ltd (MH) Company owned by Vlad .
The agreement stipulated that certain payment obligations would be triggered by ASX announcements related to increases in JORC resources at Victory Bore.
SRN announced significant increases in the mineral resource estimates in ASX releases on December 5, 2023, and March 18, 2024. This was under Paul Edward Burton tenure.
These announcements triggered an additional payment of $8,293,000 to MH, which, when combined with the $3,754,000 balance from previous resource upgrades, resulted in a total of $12,047,000 owed.
These are facts, and if this doesnt strike you as conflict of interest I dont know what would.
You're absolutely right—I should have done this research beforehand. That’s on me, and I take full responsibility. As for contacting ASIC, it’s a waste of time. From what we know this is all perfectly legal, shamelessly unethical, but legal (unless there is more behind the scenes on these milestones being granted under PBs than what we know, his employment surely lines up well with mineral resource estimates upgrades that triggered these payments, whats his history, but Ill leave that for others to decide/investigate). Its about as close to outright theft from the public as you can get while staying within the law.
As for why I post this information on here, just so others who might do a quick scan of recent hotcopper threads before jumping into a stock might be able to see what they are getting into, also holders that might not be aware, can see whats happening, would rather shine a light on the red flags in the company rather than keep my head in the sand.
There are plenty of spec stocks that have done well over the last year , Ive been in some infact, like MMI just one of many examples, you just need a good company with quality management, something which unfortunately SRN doesnt have..
Im in at 0.007 or 0.006, a combination of both as I had a few orders sitting around there. You ask why Im going down with the ship, truth is I hope Im not, I know SRN has a habit of doing pumps before capital raises, and I hope the pattern continues, I got no belief anymore that the company will actually be doing well long term with current people at the helm who seem to be using SRN as an ATM and stifling any actual upward momentum by saddling the company with crippling debt . If we do get that pump, anything 0.008 and above Ill be out for the reasons Ive stated above.
Hope we all learn something from this, whether its not touching anything this management is involved with again, taking profits off the table when you have them, or even like me doing some better research.
Hope we do get that pump, until then Ill leave the forum alone , GLTAH
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