The sh*t show that has been the SPP is either something just not...

The sh*t show that has been the SPP is either something just not right or just incompetence. First weird excuse for SPP extension, delay in notifying results, and even now its still open for acceptance on Automic despite apparently closing yesterday! They are paid good money to get these things right. ASX probably required disclosure of all the red flags listed below. Will be surprised if they get over $1m in this second round which wont cover the notes due.

From the prospectus.

• "The Directors will not participate in the Offer". Robert Sills who owns zilch shares wont even stump up for $10k worth in the SPP, that doesn't scream director confidence.

• "The Company is also proposing to seek Shareholder approval at a general meeting for theoffer of an aggregate of 19,200,000 Performance Rights to Directors and employeesincluding the issue of 8,000,000 Performance Rights to Mr Gino D’Anna and 800,000Performance Rights to each of Ms Candice Stevenson and Mr Robert Sills (or theirrespective nominee/(s))."
• "The Company’s capital requirements include the redemption ofthe unsecured redeemable notes which are currently on issue. Thequantum of redeemable notes, interest rates and redemptiondates are as followsa) redeemable notes with a face value of $400,000(together with a 20% fixed coupon rate) must beredeemed on 5 June 2024;(b) redeemable notes with a face value of $600,000 must beredeemed from 14 June 2024, with $100,000 payable on14 June 2024, the balance payable over the followingfour-month period and a fixed coupon amount of$50,000 payable on 14 October 2024; and(c) redeemable notes with a face value of $500,000(together with a 17% fixed coupon rate) must beredeemed on 29 September 2024.If an event of default occurs, the holder of the redeemable notesmay declare all monies owed in respect of the redeemable notes(including interest) immediately due and payable."

And finally from the 5 June announcement "In addition to the process underway with Minmetals Securities Co., Ltd, the Company has been activelyreviewing several other project opportunities in the gold sector." So they may yet just spend any money if there is a sale on another project.

DYOR