Unfortunately they seem to be good at what they do which has been using these companies to extract money from the Australian public and paying it to themselves , they have had over a decade of experience so doing it all within the law, really was our fault at the end of the day not doing this research before we got in.
I usually look at top 20 holders, cash at bank, and managements history, I didnt delve deep enough into management history here, and paying the price for it.
Im not too sure what they need to disclose in terms of the whereabouts of the money, but best thing to do imo would be to ask them for details on where the money is, the terms of the term deposit, and to outline the decision making process in locking money into a term deposit for a pittance instead of spending on drilling and testing, and then putting their hand out for another CR when the company apparently has the money.
Someone more versed in company law might know what they actually legally need to disclose.
Its amazing how many stocks right now you can just copy and paste the same story, management raising and paying themselves great salaries, whilst share price constantly declines, they raise again, until there are so many SOI , then they consolidate and name change, and do the whole story again, and people forget about this history, then they rinse and repeat, like they have done here.
Sad reality with a lot of stocks on the ASX, really does pay to look at management of a company deeply, thats the main thing at this end of the market, need quality, often time these companies are a great vehicle for management, directors and CEOs along the way, who get paid great salaries and free shares, but horrible for shareholders who fall in love with the story and then lose all their value.
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