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2.6¢ tombola gold ltd

How do you figure that the mining contractor might be liable?...

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Chalco

378 Posts.

170

23/05/23

18:01

Post #: 67923211
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Originally posted by Mentalist123: ↑

Alert, I have just had Information from my lawyers after a dd on asxtba@gmx that it’s all good. It is a lawyer and shareholder of Tombola waiting to finalize the list of shareholders who want to get all the details and then can decide if they want to participate. Then a law firm will be appointed on a deal basis. We believe the directors have liability insurance for approx $30m and the directors, officers and the mining contractors have assets that can be seized if successful. Please register with [email protected] Tombola in 2022 once they commenced production at GMA plant that they had realised that the grade due to massively dilution with waste rock, processing would not be viable. Yet probably knowing this TBA directors entered into a loan agreement with private third parties that at the time probably both parties realised when the loan taken out was no hope of repaying $4.25m plus $850k in interest. That eith a normal thinking person would be a given I would suggest. So it’s possible that this deal was set to fail. The history of the Production. The plant started on 12 December 2022 and 20th December. So after 8 days the company would have been aware of the low golden grade of the Golden Mile ore. On 12th February the company announced a gold pour. Reading the sketchy lines it appeared the grade after the first gold pour was 0.35-0.6 g/t Gold. Around half a gram gold. That production should have proved to them it was not viable to continue. Probably knowing this the directors announced a $4.25m loan with a $850,000 interest due in 90 days. (Using 100% of the company’s assets as security) It is so obvious that a “conscious conclusion” must have been made. “This is not going to be viable” and entered into a loan arrangement probably knowing could never repay. So! , is the lender so dumb,? that they could not work that out . Anyone who can lend $5.1m with a weeks notice must be smart dudes. What they would get if it failed, is a listed ASX company and huge assets in the. Cloncurry mineral field. ( TBA had a market capof 34m at the time) The above is only a guesstimate of the way things played out. The losers are the shareholders who believe the BS from the directors and the mine manager posting on LinkedIn saying how great things were. Your choice “stand up for your yourself or be a quitter. If you register you will get all the info from the lawyers how this will play out and costs to shareholders. In cases like this where its fairly obvious with numerous False and misleading announcement ts like on 10th May 2022 that the outcome is looking better for shareholders and “ we are fully financed to production” turned out total BS. Had 2 more capital raises and two loans after that statement.The shareholder legal advisors will give us a deal where they will punt it for a cut of the $ pie on what can be recovered. The &$ input if a good deal will not be a burden on shareholders.so register asap. The list will be given to the preferred legalfirm. There is no financialobligation to register. You will get all the details and then you can decide whether to participate.Register now.

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How do you figure that the mining contractor might be liable? Mining contractors dig holes where they're told to dig holes. They can't be at fault if there was no one telling them where to dig their hole. They might've had gear that was unsuited to the scale of the operation but the client engaged them nevertheless. Likewise the mine manager, who must have been appointed by the MD/BOD.

TBA Price at posting: 2.6¢ Sentiment: Sell Disclosure: Not Held
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