I don’t pretend to be a lawyer. I do however have a friend who looked at the terms and a Geo who looked at the “gold bar”. Geo says” the gold bar on the photo is at least 50% copper. Not unusual in Cloncurry. However when he looked back at reported assays there was no mention of copper. He believes that the copper bar maybe include some material from previous processing of the GAM plant. Question: Yummy instead of pretending everything is kosha why not ask: why didn’t the MD report the weight of the copper bar and the gold and copper % and Gold% and explain the reason it’s full of copper. no copper ever reported in assays at Golden Mile. The loan deal: I’m told it appears prepared for failure. For a ASX Company with a market cap of $32m,how could 3 directors offer the entire assets of the company as security for $4.5m?. Quite simply put: You cannot! The TBA directors I believe. are now personally and financially, cocked and loaded,into the breach of a canon. The deal is I’m told,in legal terms “unequivocally unequatable and unenforceable. TBA is not. a private company although I think. the directors believe it maybe. What it means, adding to Au9999 comments is
n the face of it, the way this deal is set up appears the MD is going to “walk”. TBA under this “questionable deal “ is TBA could pay $4m of the $4.25m and to be in breach;1. MD walks or gets hit by a bus.2. TBA bank balance falls below $500k3. TBA makes a late interest payment. How on Gods Earth can a board of an ASX listed company with a market cap of $32m offer 100% of its entire assets to lenders for a $4.25m loan and as well,load them up with free options.Quite simply they can’t.This deal I believe is just the starter pistol for a class action against all involved.( all involved including lawyers that put this “ loan agree together) That’s my take. Where is the corporate regulator ASIC and ASX who are supposed to be monitoring actions of ASX companies.Can you imagine the detectives in the case if NAB or.BHP offered a loan deal like this?Let’s be real here! Based on the historical performance of this TBA board in relation to TBA mining, expenditures, performance, reliable timeframes etc and statutory reporting to date, it’s 100% got to breach at least one condition.This is a Gods given.I hope all TBA directors who signed off on this deal, have deep pockets and great assets, because, gentlemen, if shareholders lose TBA entire assets because of failures or BS “cocked up breaches” we will be coming for your assets.Talk about mentally draining !
(20min delay)