“The Company advises that of the proposed 500 million share placement, as announced on 3 August 2017, only 268,121,659 shares can be issued under the Company’s existing LR7.1”
This getting things wrong and having to cut plans back by 50% is becoming a regular occurrence for this management team. Half a million shares cut, 8,000 M 2016 drilling program cut by 50%.
2017 drilling program 1,200 M underway another 8-10,000 M promised if this is ever completed before the KR winter closes in then shareholders will be able to welcome this brand new (previously unheard of) delivering as promised trend!!!
One thing shareholders can be sure of is that this new sophisticated investor group won’t be pushing for a 50% cut to the management’s conditions and life styles! In my opinion the current performance of the management team calls for nothing less than an immediate 50% cut to management salaries until such times as this company can afford to provide for such lavish conditions from real mining activities.
In the face of this recent blunder I really can’t see any wisdom whatsoever for spending something like $1 to $1.5 Million dollars that the company can ill-afford for a London listing, particularly as there is a good chance this costing could be out as most things appear to be by a possible 50%!
Just my own thoughts and opinions shared in good faith. This next shareholder meeting will offer shareholders an excellent opportunity to express their own wishes and hopefully find some way of changing the direction of this company I wish them luck in doing so.
Cheers and very best regards: Andy
WCN Price at posting:
0.3¢ Sentiment: Sell Disclosure: Not Held
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