Pat, I must have been the odd one out. Not being appraised of all the facts at the time I thought it was bizarre that the Chairman was lending money to the company- first copper production and other metal production we thought were not far away.
I wondered why a loan from the Chairman was necessary when we started to have positive cash flows. In hindsight, the Chairman's loan implemented in no time whatsoever was to conceal the true debt position in my opinion. If we had known that money was outstanding to honour the JVA then I for one would have been keen to have shareholder capital raising.
It is disappointing that we are where we are and just some planning, foresight and honesty would have led to very different outcomes I believe eg had we known all the facts about the debt and the inability to produce Ni and Co we certainly would have considered changing the Board if given the opportunity. Of course if and when CMR does start trading the current Board more than likely, will stand down and in fact I would expect that to be part of the DOCA when it comes out this week. We shall now soon enough!
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
