Reposting as some information was deemed unsubstantiated and/or incorrect, all the information has been obtained from company announcements prior to being de-listed, if they are incorrect then I suggest the management update their web site with the correct information to keep share holders aware of current developments.......
Unless you are not including debt owed to
shareholders or other which is:
(a) from page 37 of the year ending
June 2019 Annual report: 18th Oct 2018, $750,000 loan @10% interest pa,
a facility fee of 20% from the total loan payable (directly to the investors) - to be repaid 10 days after the company is re-listed. My back of the envelope calculations makes the current total owing to be $750,000 + $131,000 interest (
calculated to 18th July 2020, 21 months @ $6,125 per month) +
$150,000 facility fee (based on 20% of $750,000) =
$1,031,000. The loan may be repaid in shares at the discretion of the company (page 38 of the annual report)
(b) from page 10 of the year ending
June 2019 Annual report: 31st January 2020, company entered into a Convertible Note Deed with 62 Capital and Markovic Family, each for $125,000. $250,000 @10% interest, the principle sum is repayable in 12 months (plus accrued interest)
$250,000 + $10,415 interest (calculated to 30th June 2020, 5 months @ $2,083 per month) =
$260,415. The notes may be converted to shares in whole or in part at the discretion of the company. -- Purpose of the draw down was to pay existing creditors and general working capital requirements.
(c) from page 10 of the year ending
June 2019 Annual report: 9th March 2020 secured $80,000 in loan facilities @10% interest, loan is to be re-paid in 12 months. $80,000 + $2,666 interest (calculated to the 9th July 2020, 4 months at $666 per month) =
$82,666. The facility is repayable within 12 months and may be converted to shares at the discretion of the company. -- Provided immediate cash for working capital requirements to meet its minimum expenditure commitments.
(d) from page 10 of the year ending
June 2019 Annual report : 29th May 2020 secured a total of $100,000 in loan facilities @ 10% interest, loan is to be re-paid in 12 months. $100,000 + $833 interest (calculated for 1 month to 29th June 2020) =
$100,833. The facility is repayable within 12 months and may be converted to shares at the discretion of the company. -- Provided immediate cash for working capital requirements to meet its minimum expenditure commitments.
I do apologise, in the original post I had estimated the total to be $1.4M, it is actually
$1,474,914 in total for the loans and Convertible Notes,
From page 44 of the year ending
June 2019 Annual report: Late May 2020, a request for payment arising under a historical consulting contract was submitted by Airguide Corporate Advice and Consulting. The company has not established a liability exists in respect to the performance of the contract and at this point it is not practical to estimate the potential effect of this claim, legal advice obtained indicates that it is not probable that a significant liability will arise, it is anticipated that any liability will be significantly less than the request for payment of USD$693,000 submitted, at todays conversion rates that equates to
A$993,833.
My original post suggested this a liability, only on the basis that is recorded in company announcements and until it has been settled,
being all or part thereof, is it still a liability or does it get called "a maybe" ? ........ stayed tuned
From page 9 of the year ending
June 2019 Annual report: 26th November 2019, Cape Lambert Resources lodged an application for forfeiture against M47/1450 alleging non-compliance with the minimum expenditure obligations imposed under the Mining Act 1978 (WA) (Mining Act) for the year ending 2019. On the 20th December 2020, the company lodged the its annual statutory expenditure report, reporting expenditure in excess of the minimum requirement. The company considers the application by CFE is without merit and the proceeding before the mining warden will be defended accordingly. It is not very clear what the requirements are, and it would have been great if WFE had of maintained a adherence to the listing rules and kept their financials up to date, but
The following actually has me baffled - NOT, but I will refrain from adding an opinion.
From page 33 of the year ending
June 2019 Annual report:
(a) US$500,000 (A$677,425) transferred (April 2018) to the DRC lawyers Pelesa to be held in
trust for the future acquisition of mining licences. Buried in the March 2019 quarterly activity report and "subsequent to the end of the quarter" the company stated that it was not proceeding with the
acquisition of the licences,
and the US$500,000 deposited was to be refunded. Well over 12 months later and no indication on where this is at?
(b) In addition, US$505,660 (A$714,146) was transferred (Oct 2018) to its Winmar Resources Congo SAU bank account.
On page 34 "
while the company seeks to have the advanced funds repaid there is uncertainty around the recoverability of the advance" as such both amounts have been impaired. I don't quite get accounting, but I understand why the funds held in trust can be impaired BUT I don't understand the impairment of the "additional" money that was transferred to the bank account, why can't it just be transferred back
@TheCount
Typical of the financials of this company, some of the content is actually quite vague.I somewhat agree, that to be re-birthed seems like just "rainbows and unicorns", but hopefully some progress on the "potential" opportunities may come to the for, I get that things are different with the company unlisted, but some of the things IMO that would thwart them being able to move forward:
Funding:
(1) Trying to secure funds in the current economic climate will be difficult
(2) Trying to secure funds after an operating loss of $9,000,000 with little/nothing to show any signs of progress will make it even more difficult and getting rid of the stigma of the name "Winmar Resources"
Cheers
