Wanted to start this for discussion purposes so we have an idea as to what other options we might have,
With the current capital proposal, we've seen countless proposals that stated the funding was to achieve X, which was never achieved, the initial funding after Morilla was purchased and with the most recent one being 'fully funded' until early 2023 (as mentioned in a corporate presentation in May) We were also meant to be cashflow positive Q2 this year (from memory), how being cashflow positive is now pushed out 16months or so boggles my mind. We've experienced dilution in both the gold/lithium parts of the business as a result.
Disclaimer: The above is written off the top of my head so it may not be entirely accurate and I'd like to protect myself.
Potential options - Happy for discussions to happen.
- Vote for the recapitalisation proposal and hope they come through, at the cost of dilution and potential failures given past raisings (MEDIUM RISK - if they can turn it around we would get the most value out of the gold - if they cant we are back at square one)
- One option being discussed is to close the gold operations down and wait for the LLL escrow to mature, sell it and pay off any debt (Which I'm not sure we have entire clarity on (LOW RISK - may not recoup current value after debt is settled)
- Legal action - I doubt this would eventuate to anything given the cash position of the company, the chances of recouping losses would be slim IMO (HIGH RISK - as there would be debt to pay off other fees etc)
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