Well, well these clowns at TTY are now investing in a capital...

Well, well these clowns at TTY are now investing in a capital raising in a refloat of Matilda Minerals.
Pity these clowns didn't do what they should have done more than two years ago.

TTY already had a large stake in Matilda Minerals and should have cleaned up the MAL mess with an all script takeover back in 2008. Yes, it would have cost a few TTY shares, BUT at the time it would have been a clean and easy takeover at a very cheap price.
They would also have taken FULL control of MAL which included the mineral sands assets and the QLD coal leases.
But Michael Kiernan picked up the minerals sands assets for a pitance and handed them to Olympia OLY, now MZI.

Well us TTY shareholders seem to pay heaps($$$) for monkeys to make dumb decisions.
BUT, I suppose better late than never.
AND these clowns really think they need a performance bonus.
I doubt whether we have even one director who is a smart, shrewd or astute businessman.

Maybe they should ALL be sacked for stupidity?





Matilda plans to restart trading on ASX by late 2010


By: Esmarie Swanepoel
13th September 2010

PERTH (miningweekly.com) Embattled Matilda Minerals on Monday announced plans to raise capital, exit administration and restart trading on the ASX by late 2010.

In 2008, Matilda, which was operating as a minerals sands producer at the time, went into administration after the collapse of Chinese sales agreements.

The company on Monday reported that it would now raise up to A$12-million through a share issue to new and existing shareholders in order to conduct an aggressive exploration programme at its Queensland coal tenements.

Existing shareholders Noble Group and Territory Resources, which currently own 4,62% and 27,4% respectively, have both agreed to support the proposed capital raising.

Noble would now become a cornerstone investor in Matilda, taking up to 30,8-million new shares under the capital raising, to bring its shareholding to 35%, while Territory would subscribe for five-million new shares, to take its shareholding in the expanded company to 16,2%.

Both Noble and Territorys uptake in the subscription was subject to shareholder approval, and the administrators releasing Matilda from administration. Around A$1,4-million of the raised funds would be used for administration costs.

At the completion of the share raising, Matilda would also change its name to Blackwood Corporation.

Meanwhile, Noble and Matilda have entered into a life-of-mine product sales agreement in relation to Matildas exploration tenements. Under this agreement, Noble would arrange for the sale and distribution of the coal product and other minerals derived from the tenements in return for being paid a commission of no less than 3,5% of the sales conducted.

Further, the two parties have also executed a technical service agreement under which Noble would provide technical services and strategic advice over a two-year period, in return for further shares in Matilda.

It has also been proposed that Noble would nominate two directors to the board of Matilda.

Today is the culmination of two years work to relist Matilda as a dynamic coal exploration and development company, said Matilda chairperson Barry Bolitho.

We are delighted with Noble and Territorys commitment to Matilda and the contribution this commitment will provide in moving the company to an exciting new growth phase.