Ann: Forrestania Tenements Purchase Settlement Extension, page-9

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18/09/24

14:55

Post #: 75728607
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Originally posted by bungalowbill ↑

The Forestania debt is spiraling and it is an increasing liability to the company. So it is $350,000 that is owed now and growing exponentially.? No bank manager would allow this situation to continue. At this time it looks like it is trading insolvent. They need an absolute minimum of $350,000 plus to settle Forestania. Who in the blazes is going to give them that? The cap raise failed partially because it was so far out of the money that it was ridiculous. In hindsight the disastrous cap raise would have tied them over in the short term - but it's gone now

So it looks like they still think Ae Resources will come though with say half a million to keep the ship afloat & allow them to settle Forestania. Ridivium sure doesn't look happy by them imposing a 15 percent penalty interest on a 12 percent flat rate of interest.
How stupid does this Forestania purchase look now? They are broke and they are trying to buy more abandoned projects.
It is not as if they can rest on their achievements when they refuse to talk about Kat Gap which looks to be on 'care and maintenance' .
They can't raise more capital from shareholders.
They have no assets other than Kat Gap which they don't talk about anymore- so it is a financial liability .
CLZ takes on more water, day by day.
I don't think a bank manager would touch them with a barge poll if they asked for a bridging loan.

They are simply the worst business people I have ever seen- what a shambles. Au Resources must be dying to throw 60 million at them, haha !
Hey Garf, what do you think of your guru now?

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I think it's insanity.

These guys are litterally sitting on a pile of cash, a gold mine, but they have no money & can't raise any.

Unbelievable!

CLZ Price at posting: 0.1¢ Sentiment: None Disclosure: Not Held
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Ann: Forrestania Tenements Purchase Settlement Extension, page-9

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Ann: Forrestania Tenements Purchase Settlement Extension, page-9

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