The price the Glencore deal (ie. issue of shares to Glencore) should have been calculated on and what is was calculated on was distorted by lack of detail in the contractual documents, what Bob and Chris intended and what they got were 2 very different things, Glencore ended up being issued with a multiple of the amount of shares that were intended to be issued. I dont think the $7M is an issue as if Kalkaroo is ever developed as it is promoted that amount will be chickenfeed.
HAV displayed that thay couldnt run the Portia deposit as it was promoted, the claims of $40M free cash etc etc and proposed dividend mooted in ?2015 never eventuated, even the deal with Steve was flawed (your eg. the $3.8M left hanging ?), and the simple fact we gave away the camp the plant and Nth Portia with the "deal".
Even in light of all that I think getting out was the right decision, maybe a strategic withdrawal, HAV were just going to burn more money on it
I am sincerely hoping they get Kalkaroo Gold up and running as a tight ship and HAV get the funds the company desperately needs to develop their prospects to the benfit of shareholders.
Now the SA border is open they can maybe get the surveys done so drilling can happen at Grants, I also see the Wilyakali have changed their claim so it doesnt overlap with adjacent claim/s also, maybe make a NTA a little simpler.
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5 | 110000 | 0.170 |
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Price($) | Vol. | No. |
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