To whom it may concern,
I just had a phone call with Brad.
Simply put, he wasn't hiding behind any lies, he was blunt and truthful with his responses. He can't make me, or any of you invest into TON. He can only give you the facts and the fundamentals of where TON currently is, and where it will be.
He will be releasing a webcast later today/tomorrow answering or clarifying the queries many of you have.
He is as frustrated as anyone with the current position TON is in. He is a large shareholder too, and has spent the last 7 years or so working his blood, sweat and tears into this company. He is adamant the current SP does not reflect where TON is currently at, but continually reiterated that the fundamentals of TON have only continued to increased. That is why it is so frustrating at the moment...
Deutsche bank sees the significant fundamentals and future in TON - and the scheduled roadshow looks to be very promising. Watch this space.
As he has said before, there are continually ongoing discussions with parties in regards to financing (Korea, Japan, UK etc...) but unfortunately, until something is actually signed, nothing is ever certain.
He (and reputable options of others) believes the entire resource sector is the worst it's been for some time. The interest seems to be largely in agriculture and biotechs.... This makes it so much harder than it once was to attract this cornerstone institutional support. You literally have to have every little box ticked for deals to be signed.
The money raised from the CR, will help construct the JV plant in China - and TON will relieve its first ever bit of revenue early next year. Albeit small, it will be easier to attract more significant interest - in conjunction with the finalisation of the DFS for NH.
He said they could have either done nothing, lowered cash burn etc... and spent bugger all and sat in 'limbo' until the market 'picks up', or do a CR and keep moving towards the end game...
End of the day, it does suck. Brad wasn't trying to make out that this was the ideal result... No one likes seeing a CR at 15c and the share price continue to fall away. But the fundamentals are better than ever. Yes it is proving to be difficult to actually finalise these deals to get financing, but it will come. And yes it is frustrating that institutional investors are hesitant, but this CR will ensure that TON keeps moving forward, not backwards, in terms of their timeline and key objectives. Just remember that.
I know a lot of you have sold out today, or in the last few weeks etc... And that is absolutely fair enough. After all, it is your money, and your investment. No one can sit here though and accuse Brad of not trying or not doing what is in the best interest of the company. Things don't always happen in the way that people would like. But you always need a plan B, C and D.
I am personally excited for next year. As an investor, it makes me sleep better at night realising that Brad will continue to do what it takes to move TON in the right direction. It might not be pretty now, or even next month, but I have confidence that soon enough, we will get the rewards a lot of us deserve...
Hopefully Brad will provide any further clarity in the upcoming webcast.
Cheers.
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