Hi all
Sorry I have not looked at HC for a few weeks as things are very busy with the US listing and getting yesterdays announcement and a whole new company update presentation completed.
Having now read the posts here I would like to reply to a few.
1. If some one actually looked at the link that a poster provided on here rather than just the headlines it shows that the RotorX's chapter 11 filling was dismissed so they did not go into bankruptcy as claimed. See below from the link that
@Lilow posted you would have seen this.
I knew that RotorX was under going a restructuring and closure of a financing but that was confidential and had not been finalised and we were told that our remaining $62k loan to RotorX was, and still remains, and I have not heard anything about the 9.9% holding changing either so there was nothing to report. RotorX was taken off the website as I have been slowly updating the whole website as and when I get time and our US bankers recommended that we take it off our site as we are resource company and it is just a loan with equity but not material to the business. My understanding is that under the new structure they are focusing on the heavy lift drone development which is why Nova gave the loan in the 1st place. Please also remember that we only provided RotorX with a loan which has been mostly repaid. We did NOT pay anything for the 9.9% interest it was just part of the loan and that is why there is no value put on that interest in our financial statements. If people want to start conspiracy theories and accusations please at least have your facts right and read the information. I won't name the posters but I have called you out on mis-stated items on here before.
2. Regarding the over paid directors, I don't like talking about salaries but I feel I need to respond to these accusations again as they are totally incorrect and misconstrued. Personally I have not worked with a team before that works so hard and so committed as we do at Nova. I know its frustrating that the SP has been dropping and personally the $1.7m which I invested in the last 18 months is well down too, but for what is currently a small company with very limited budgets which we use as much as possible in drilling and progressing the studies etc to move the project forward, the 3 executive directors especially do an incredible amount of work which most shareholders just don't understand. We are pretty much working 24/7/365 and with the US listing especially involving many very late night calls and weekends I would work on average well over 60 hours a week. If you break down to an hourly rate its about $35hr which is less than my 21 y/o son gets for working in a shop so please again before you make accusations get your facts right. It is very disappointing to see these type of comments when we absolutely work so hard for shareholders, despite the falling share price. I saw a tweet today from well respect gold investor Rick Rule from Sprott (see below) where he said in his 30 years of gold investing he has never seen a disconnect between the price of gold and the price of gold stocks like it is currently so this is not just a Nova thing it is market wide in the gold sector at present.
3. Regarding the loan to Alaska Asia Clean Energy Corp. This is for some work we did for them this season at their coal project located about 20 miles from our site. Prior to 30 June 2023 we also did some work for them and that was converted into equity investment as noted in the annual accounts. This $1m loan will likewise be converted into equity investment too but the share certificates hadn't been received by the time the half yearly accounts were completed so it was agreed to put it as a loan until these were received. Again no conspiracy. The investment was made into this project as we see it as an opportunity to potentially secure a cheap and nearby power source for the project.
(20min delay)
