Chesterfield Resources Share Discussion Threads

[janicesolihul] 28/7/2023 12:59

So-called "preliminary talks" re Cyprus have been going on for a year, and almost certainly don't exist. Venus are saying they have had no communication with Chesterfield whatsoever, so inside information hint from Excellence is actually just another porky.

[excellance] 28/7/2023 12:11

Let's hope Venus raise enough to pay their directors fees, especially if they pay themselves Frenchy sized wages.

As for CHF, they've stated they won't raise capital until results from Adeline, and don't forget the preliminary talks re Cyprus.

Venus mentioned "other opportunities", I wonder if that means us?

🤪

[ruthfuller665] 28/7/2023 10:46

Venus is out in the London markets this week raising funds for its exploration programes in Cyprus. How come Chesterfield is not doing the same?

[ruthfuller665] 27/7/2023 22:24

Unbelievable

[ruthfuller665] 27/7/2023 16:28

Perhaps because she believes you should have integrity, be honest and work for your shareholders

[excellance] 25/7/2023 07:21

Why would the girlfriend of the former CEO be so keen to cast doubt on the new team if she has no interest in the company?

[ruthfuller665] 25/7/2023 07:18

Why would the Executive Chairman of a Plc be posting a campagne of false and misleading statements on his own bulletin board almost daily if he wasn’t trying to hide something.

[excellance] 24/7/2023 12:46

And how good is our "exploration track record"?

As I've said repeatedly we don't even have a rig, no crews, not even a shed. We have a couple of part time old timer geologists and that's it.

To drill in Canada, particularly in pristine wildlife areas with first nations, there needs to be certain documents for accreditation and underwriting to give credibility and to cover costs if things go wrong. CHF never had those, ever.

Pacton needed to invest heavily to get those documents in place and for personal reasons the owner decided he didn't want the extra risk, and that decision was 100% made by the owner, nobody else.

Sterling are a good outfit, they are kitted up, funded, certified, underwritten, and good to go.

Yes they got a good deal, but so did we.

[excellance] 24/7/2023 11:11

What you are suggesting there is outright corruption Ruth.

"Chesterfield didn’t spend £1.5m on Adeline, the secondary listing cost less than C$100,000, flow-through is designed to encourage exploration investment in Canada, the secondary listing in Canada would not have changed the ownership structure of Adeline at all.

Pacton Gold couldn’t raise funds because of its poor exploration track record and poor standards of corporate goverence. Everyone knows that. Pacton was a lousy company to get into bed with and selling Adeline at all was a ridiculous deal/strategy full stop. It was done not because it made any sense at all for shareholders, but because of a backroom deal struck with Perter Damouni, a former Chesterfield director and close associate of the CEO of Pacton Gold.

When the Pacton deal fell apart, the new managers of Chesterfield panicked because their expected pay day did not arrive. So they sold Adeline in a cut price deal to another Canadian junior, Sterling Metals. Sterling couldn’t believe its luck."

[ruthfuller665] 24/7/2023 08:29

Yet another slew of misinformation. Chesterfield didn’t spend £1.5m on Adeline, the secondary listing cost less than C$100,000, flow-through is designed to encourage exploration investment in Canada, the secondary listing in Canada would not have changed the ownership structure of Adeline at all.

Pacton Gold couldn’t raise funds probably because of its poor exploration track record and poor standards of corporate goverence. Pacton was a poor quality company to get into bed with and selling Adeline at all was a poor deal/strategy for shareholders. It was done not because it made any sense at all for shareholders, but because most likely a deal struck with Perter Damouni, a former Chesterfield director and close associate of the CEO of Pacton Gold.

When the Pacton deal fell apart, the new managers of Chesterfield panicked because their expected pay day did not arrive. So they sold Adeline in a cut price deal to another Canadian junior, Sterling Metals. Sterling couldn’t believe its luck.

We are now witnessing a campaign of misinformation on this bulletin board as parties attempt to justify a series of decisions at Chesterfield that clearly warrants closer inspection, and a situation at the company that continues to deteriorate.

[excellance] 23/7/2023 17:00

I didn't say Adeline was bought for cash, but the endeavour still cost US £1.5m

I didn't say flow thru was not a genuine tax management scheme.

Adeline was owned by Chesterfield (Canada) ltd, a subsidiary of CHF PLC. We intended to dual list on TSX, so a Canadian asset, owned by a Canadian Ltd co, controlled by Canadian law via dual listing.

Pacton backed out because the owner changed his mind about risk going forward and backed out, and yes you could argue that jumping through hoops to get approval at great expense and personal effort was a risk he chose not to take.

[ruthfuller665] 23/7/2023 15:49

Yet more falsehoods from Excellence

Adeline was not bought for cash

Flow through is not a tax-avoidance scheme, it is sponsored by the Canadian government

Adeline was never going to be transferred to a Canadian listed entity

Pacton backed out because it couldn’t raise funds or get regulatory approval

[excellance] 23/7/2023 13:12

Chesterfield raised £1.5m to acquire Adeline, undertake a field trip, and fund it's ridiculous secondary listing.

Our Canadian puppet masters insisted on employing the tax avoidance scheme known as "flow thru" and with the failure of the TSX IPO folly, our Canadian masters demanded that Adeline be transferred to a Canadian listed entity where they could participate in direct investment and flow thru.

Pacton backed out because they wanted nothing to do with it, saw the risks, and chose a safer path for them.

I am absolutely delighted that we divested that high risk long term cash draining black hole, yet we keep a risk free 8% of the larger company. Excellent deal.

[ruthfuller665] 23/7/2023 06:23

The company is using this bulletin board to pump out a smokesccreen of mis-infirmation on almost a daily basis to try and justify actions which were, in fact, against the interests of shareholders. In this instance:

A fund raise for explorarion would have diluted company by atound just 20%, the acceptable amount under Standard List rules

Geologists were full time and had been with the company for several years

Chesterfield had more than twice as much money in the bank a year ago than it does now

If a corporate action is “planned”; yet “unspecified”. It means it doesn’t exist. In which case you can’t claim that it will be worth “near £10m market cap”. And if it were, it would dilute shareholders by 90%.

[excellance] 21/7/2023 08:33

Car crash wanted to raise millions via ANOTHER IPO meaning massive dilution and substantial extra cost, for a company with, at the time, two unproven assets, no tangible assets, no staff except a couple of part time geologists and a couple of temporary contract students in a rented shed in Cyprus, and don't forget the £4.28 in the bank.

With the ludicrous IPO behind us, the Adeline folly funded by others, and very promising results from Westline, we can now focus on actual tangible business development.

Let's see what Adeline brings, entertain offers for Westline, then raise capital from a position of greater strength in 3 or 4 months from now.

After the planned unspecified corporate action I expect our mkt cap to be near £10m

This is now a VERY appealing opportunity for those who like a bit of risk and can wait half a year.

[excellance] 19/7/2023 07:18

Except the new strategy hasn't failed, unlike the previous one driven by car crash.

[ruthfuller665] 19/7/2023 05:52

A year ago the company had around £600,000 in the bank, and £300,000 was paid to the company recently by Sterling Metals. If the company only has £250,000 left now, that means that £650,000 has “disappeared” during a year when the company was completely non-operational, not running any IR or fund-raising. So where has £650,000 mysteriously gone?

By Excellence’s own admission above, his management of the company over the last year has been a disaster for shareholders, with the company shrunk to almost nothing, no operations, no vision, no future, just a big sucking noise at the company bank account

[excellance] 18/7/2023 09:36

We know that raising cash in the current inflationary environment is expensive, and our share price is silly low, so we baton down the hatches, cut costs to the bone, wait to see how SAG do and if they are successful, talk with potential partners, and stay solvent until the time is right.

[excellance] 18/7/2023 09:12

The last rns, apart from repeating what we already knew in a single cohesive update, stated that talks have started and are ongoing re a transformational deal with a partner that is a good fit "for our resources".

We don't have much, so what can they mean by "our resources"?

We have a top geologist, a wealth of geological data on our three Cyprus licenses, a London listing, maybe quarter of a million quid in the bank, and 8% of SAG.

[excellance] 18/7/2023 08:48

It isn't shut down, it is merely dormant.

CHF holds rights to the project so long as they keep the licenses live by paying for them. You may recall that recently they allowed all other licenses to go back to the authorities. This is because we now have our discovery and must now focus our capital on where it is likely to succeed. Another reason why Adeline had to go.

With the Westline discovery in the bag but requiring more funding and then development, we need a partner who can deliver both.

[ruthfuller665] 18/7/2023 08:37

If the priority is to “focus on Cyprus”, how come the project has been shut down for a year?