A direct quote from Bob Timmins.
"The capital raising plan was in place when the Eritrean government told us they wished to participate in the exploration program. This effectively changed our plans as the parameters for the capital raising changed. NCO chairman, Colin Ikin, is negotiating with the Eritrean government. NCO is waiting for the result, and Colin's report on the negotiations. The capital raising will be re-jigged after we assess the result."
It is the Eritrean Govt that is the hold up here, not the directors.
what is happening?, page-2
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