@cfp ........." as another example, BGS, went from gold possible miner, they did file there paperwork to now possible lithium miner"
YES, they did the feasibility study!! BGS did a feasibility study to go from explorer to potential producer. That is the correct path!!
If WFE had done a feasibility study, there would be NO problems!! How is it you don't want to understand this??
If WFE did the following they would not be having any problems...
1 Get an Independent Expert to sign off on the contracts for ore supply, stating the grade and quantity could be delivered.
2 Get an Independent Expert to sign off on the capability of the plant and the costings of processing the ore through the plant, plus the upgrade cost...
3 Get an Independent Expert to sign off on the sale prices, and transport costs expected..
All the things they could have and should have done in a feasibility study last year. They now need them for the prospectus anyway to help guarantee the full cap raise.
In all the phone calls people have made to management, have any of you bothered to ask if the above 3 aspects have been done ?? They are much harder, more direct questions for management, instead of the 'how is everything going?' type of question that some seem to ask.
WFE don't have to give any forward looking statements in a prospectus, but a prospectus without such information, in a commodity that has lost 2/3rds of it's value over the last year, is likely to be unsuccessful IMHO.
WFE have tried to backdoor list a change of nature of the company without the proper process, so have suffered a long suspension.
There are way too many companies that try to do this and all get caught. You only have to read the threads from these other companies in the same position, the shareholders all cry ASX conspiracy, yet the real blame for long suspensions lies with the BODs of the companies for not following the rules and regulations.
It comes down to a simple premise...
The ASX does not care that the BOD of a company think a new direction for the company is going to be hugely profitable.
The ASX wants ALL companies to have a change of direction signed off by Independent Experts, before allowing it, especially when raising capital is involved.
That's it, that is all companies have to do to keep trading and have the ability to raise funds.
All IMHO etc. etc.
