Share
17,936 Posts.
lightbulb Created with Sketch. 917
clock Created with Sketch. 14/10/19
19:13
Share
Originally posted by Kesselrun
↑
Can anyone explain the financial side to me as I'm not sure if I have this correct. Korab has approx $81k in the bank of which $60k came from Great Fingal for a project under forfeiture for non compliance, is owed nearly a million dollars by an unlisted company, Polymetallica Minerals, that was supposed to be paid in 2018 then given another year to be paid last September, and is paying consultants for the past 10 months for the NOI. This raises many question on solvency. A forfeiture case is not cheap and, since we haven't had an update on the progress, I would assume the case is still going and costing a lot in legal fees. If Korab loses the case do they have to pay back the $60k? If Polymetallica cannot pay the money owed, why isn't Korab taking legal action or taking over their projects. What projects do they have and are they worth anything. The company has raised around $180k in the past year, how are they paying for tenement rent, legal costs, administration costs, consultants and minimum exploration costs, which according to the annual report is $550k. I think we need some major answers from the directors or they should step down. Korab has great assets, but going no where. Why can't they attract significant investors to get the projects going. If I remember reading correctly from 2010, the Mt Elephant deposit had over 10% copper and high grade gold. What exploration has been done in the past 9 years. All I ever read is exploration is ongoing and no material results have been produced. Who is making the decision as to what is a material result. If there is nothing there I want to make my own decision, but if there is something then we should be told.
Expand
Korab and Polymetallica have almost the same board ,,lol ,,if Winchester was such a no brainer the borrowed $$$ would be going back to where you know it would make financial sense ,,,tells you everything you need to know.
