The below announcement was the 19/10/22, approx 18 months ago and where are we today. Near no further advanced. All thats happened is that a fortune has been paid in interest and salaries and time spent chasing a Li rocks and time wasted on a merger with an equally mismanaged junior. It is just DUMB luck that the GP has surged which falls in their favour and all they will now be thinking is that what crap can they release that will get the share price moving up so they can do a cap raise.
This is by far the worst management team listed on the ASX that does actually have some decent assets. Some i think are well over estimated or never minable even at a sky high GP, however there is some quality there.
Why as Share Holders do we put up with it? Why have we not sent a strong enough message to get them out? Why has someone with a decent holding not called a board spill?
Looking at the 2023 AR shares held by JP and GH as follows
JP 5,200,000 at today's price worth $187K
GH 2,405,600 at todays price worth $86K
They have no interest to further this company. They have no skin in the game and while they are getting absurdly high salaries and having to do very little why would put any risk on themselves by going mining.
The only one seems to be AP and he's a NED. Why is he not kicking some arse? Anyone have any insight into this?
Anyone have any insight to any of this incompetence and madness?
What's the chances that Nabari want to convert their loan into shares in this company? My thoughts would be zero! And that leaves us with a $7M odd debt to pay in twelve odd months. Where would that come from? Yes VOX is one that i'm sure will be sold. What about RVT that JP is running? As far as i can see its very illiquid so i wouldnt count on that. Cash and receivables at the end of last quarter less payables was approx $4.8m, lets see where that is at in a few weeks when the March quarterly comes out. Huge salaries, huge tenement rent, huge minimum spends on leases, huge huge interest bills makes it hard to do too much else.
Again we deserve better, much better! We are currently dealing with the bottom of the barrel.
They need a new competent crew to come in and get rid of the excess of whats not required! Excess tenements, excess people, excess spends, keep what required and sell the rest and pay down debt and that will reduce spend on rents and min spends etc but the main thing is to get some quality management that wants and has the ability to get the good projects into production.
Seems so simple!
FUNDING AGREED TO ADVANCE CANNON GOLD PROJECT
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or “the Company”) is pleased to advise that it has
executed a binding term sheet with Nebari Partners LLC (“Nebari”) for a US$5 million senior secured
credit facility. The credit facility (“Facility”) is comprised of a two tranche Convertible Loan Facility
with US$2 million in Tranche 1 and US$3 million in Tranche 2.
The Facility is subject to conditions precedent typical for a transaction of this nature including, but
not limited to, final documentation and Horizon obtaining prior shareholder approval which will be
sought at the upcoming Annual General Meeting in November 2022.
In addition, the Company has executed a Deed of Variation with Aurenne Cannon Pty Ltd
(“Aurenne”) in relation to the deferred payment for the Cannon gold project acquisition as announced
to the ASX on 18 May 2021 and 19 October 2021. Under the Deed, $500,000 has been paid with
the final $2 million payable by 31 December 2022 inclusive of a deferred payment fee of $100k.
Proceeds from the Facility will be used to settle the A$2.1 million deferred Cannon payment to
Aurenne and to contribute to the upfront capital costs of the proposed Cannon underground mine.
1
The Cannon Feasibility Study was released on the ASX on 29 March 2022 and demonstrated
positive economic results under a contract mining and toll milling model. The Company continues to
advance the project with regulatory approvals and tender review the main focus and a development
decision expected in the March Quarter 2023 once approvals are granted.1
The Company plans to utilise the contract mining and toll milling model to advance a sequence of
underground developments with Cannon, Penny’s Find and Rose Hill under evaluation with the aim
of generating cash to support the large-scale exploration program and future mine developments
across the core assets in Kalgoorlie and Coolgardie. 1
Commenting on the Facility, Managing Director Jon Price said:
“It has been a pleasure to work with the team at Nebari who have worked rapidly to agree the
transaction on highly competitive commercial terms enabling us to secure and advance the Cannon
gold project into development and production in 2023.”
“We also thank the team at Aurenne for agreeing to extend the deferred payment timing to fit in with
completion of the convertible loan facility and shareholder approval.”
Approved for release by the Board of Directors.
For further information, please contact:
Jon Price
Managing Director
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