Rubbish. Funding was in place (including full payment of the mill) to cover until the project was well and truely cashflow positive. The mill was/is in excellent condition and KIN got it dirt cheap because of Sproule who also understands exactly what is required to get it functional.
BOTH him and Kamara invested big money into Kin backing themselves to do the job. They are both highly credentialed individuals who obviously feel very strongly enough to put themselves back in the fray so to speak. Both could have easily sold down their shares BEFORE the infamous halt decision and walked away. Yes they have launched a 249D that would partly motivatd by self interest if you were still a shareholder and sitting on the losses these two having knowing what had gone on
I suspect you would have a lot to say. The fact is both of them don’t need the money as both have and continue to be very successful so their motivation is more than just money. To me I sense it’s a matter of pride and intent to finish what they had started to prove to the doubters such as yourself how it should be done. They are up for the challenge and the fight which is a hell of a lot more than the incumbents who seem to be set on preserving their very well paid jobs by doing as little as possible.
The whole idea was to keep capex and working capital requirements to a minimum thus reduce funding requirements and constraints and pay back periods. By doing this the IRR would be significantly higher. Start small and then go bigger. Not try to be a 100koz ps producer off bat.
future cashflow could then be used to explore and expand as needed. Munckton is wanting to go bigger straight up which is going to mean more capital and longer time frames. Which funnily enough will increase the funding/development risk, take much longer and ultimately reduce shareholder returns. Oh look that’s already happening!
until I see evidence otherwise the original strategy was the best and it was what we the longer term shareholders invested for. Long term growth without massive dilution. Munckton doesn’t care about us because he is now obviously intent on raising money at stupidldy low prices to fund HIS vision not what we the shareholders believe in. Over 70% wealth destruction and now looking at ANOTHER massive dilutive CR.
Shame you won’t be at the meeting as I’m very much looking forward to having my say (for what it’s worth) and I don’t intend to hold back. Wonder if Dixon’s brother will be on security?
(20min delay)