Thanks for this info, good on you for contacting the company and sharing.
I would be more curious as to why they decided to put cash in term desposits . What is the exact terms, what interest and what are the terms? Where is this money being held? Wouldnt happen to be with this company Corporate Resource Services (CRS) would it?
Surely holders would benefit more if those funds were put into drilling and finding some substantial ore bodies and would be far more profitable than sticking it into a term deposit for a pittance !?
This is more blatant right now in GED and SBR, where they have cash but yet doing cap raises at all time lows.
GED = 7.4 million cash (5.8 million in term deposit) market cap 12.7 mill (6 mill above cash)
SBR = 7.3 million cash (6.2 million in term deposit) market cap 13 million ( 6 mill above cash)
MLS = 17.3 million cash (16.6 million in term deposit) market cap 23 mill (6 mill above cash)
Why are GED and SBR, doing cap raises diluting holders by 10% to raise tiny amounts if they supposedly have all this cash in the bank. And the answers given to holders was because the cash is tied up in term deposits. Then why on Earth would you lock up the companies cash in a term deposit, if holders wanted to get bank interest rated they could stick it in a term deposit themselves, we want the money spent on drilling and testing.
That would be my main concern now, and if you contact them again please do ask them , where exactly is the money being held, under what terms? I mean 16.6 million of MLSs 17 million is in this undisclosed 'term deposit.' What was the decision making process to put the money into low interest earning accounts instead of towards drilling, especially in GED and SBR where they actually need the cash and are needing to do a capital raise at all time lows and dilute holders when they apparently already have the cash.
It seems like its a blue print with these companies under this management, which is capital raise until share price is in the fractions of a cent, like it is now with SBR (and was with MLS), do a consolidation (like they did with MLS and now doing with SBR, then release a pump announcement likey they did with MLS with "
Outstanding Lithium & Rubidium Results for Manindi Project" and then went into halt to raise money yet again, then just let the share price sink. Then just rinse and repeat, through all their companies, they win the whole time, shareholders lose.
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