Good luck with that.
Seriously.
It requires a shareholder to be zealous to get things done. The FCA won't do it unless prodded enough IMO.
There is currently a case where directors are being prosectuted... it's in court at this very moment (after years of fascinating back and forth on a BB on ADVFN - I watched with great interest and will be delighted if the prosecution sticks) but it is oh so very rare. In my opinion that case is only being bought due to a very active campaign by an/some individual/s.
It's far easier of course just to move your money elsewhere and to try to warn others. |
 The messenger signed up properly after it was clear than the bond finance was not going to be delivered as expected..this was significant price sensitive news as can be seen from the share price reaction to the uncertainty today. Why were shareholders not informed that they had asked for funds as per the rns released agreement and those funds were not forthcoming.Instead they let this stand in an rns update"The Company is also pleased to confirm that it has instructed BNYM to issue the second tranche of US$5 million Bonds to NIU Invest in accordance with the previously announced drawdown schedule, via delivery vs payment."Now it seems they did not receive those funds and that the company had/has no idea when or if such funding will be made available.Inside information definition.."the likelihood that a reasonable investor will make investment decisions relating to the relevant financial instrument to maximise his economic self interest."Such information needs to be disclosed to the market without delay..there seems a clear breach here in not informing the market in a timely manner. Also the bond funder is also a connected party being the largest shareholder.This needs to be properly addressed. |
do not kill the messenger imho |
Where is chief deceiver Donald Pond . That guy sure aided the rip off |
Where's Jeffrey Temple, or whatever his alias is on here?Are you ready to apologise yet? |
"Following the publication of the PFS on 19 September 2024, the Company has recommenced discussions with NIU Invest regarding the Company's cash flow requirements of the PFS's economic model, and a revised drawdown schedule for future tranches of copper bonds. Further draw downs will be announced as appropriate."It's difficult to know what this actually means but what is clear is that there is no agreement in place replacing the one they previously announced...and that has been the case since early July.Recommenced discussions?? I thought discussions were done when they announced the subscription and the timetable..it was an agreement and there did not appear to be conditions attached that could impact that funding delivery..if there were conditions attached then they should have been open and at a minimum explain now...it was vital they had something to clarify the position with this report and they can't..if it was that the PFS delayed drawdown then say it but it is something shareholders should have been told in the first place or again when they tried to draw down the second tranche.What a mess ..and all those advisors and PR specialists can't make this any better..because they don't know what Mr Caner is up to it seems. |
What about the sulphides tho? All hail the mighty sulphides! |
Suspension looming.
NIU have security over the asset.
They have been given a chunk load of shares.
Legal battle will cost time and money.
They have been snookered. I remember someone actually stating this very situation several weeks ago, extremely sad its come to fruition.
They need to suspend, until it's fully sorted one way or another. |
NIU are refusing to pay up, this is heading to the courts, it's a legal battle. Unbelievable situation, time, it's going to cost huge money to fight it.
Could end up easily in the single digits now. What an awful situation. |
Oh and just to address the previous points... from holders... as it's easier for them to believe these points than to admit the alternative case might be right.
No, I don't hold shares.
I have not shorted this. I am not a paid de-ramper.
Yes, believe it or not my concern is entirely altruistic. I have been in shares previously where I've been blind to facts due to my hopes.
I did get out and thankfully I learned from it. I hate companies which fleece shareholders. I still make mistakes investing but I'm better at spotting them earlier.
It is no big deal to admit making mistakes. Admit them and move on. Once you grasp this it makes you a better investor. |
speaking of culpable, where’s the head of IR this morning, time to face the music Donald… |
I'm at a loss why it was material to announce that the $5m payment was not received?
They effectively announced it was received on 1 July (to the point that it would be insignificant to announce the actual payment, but would be very significant to announce that the request for payment was denied). |
I expect they'll need a placing or two soon to keep the lights on. |
Spot on as usual jbravo2. |
There were repeated warnings and opportunities to see this.
They have consistently been less than transparent on a number of items.
Another big one is yet to play out, and may never play out now money is becoming critical.
The issue of permitting. How and when they'll apply and most importantly how long it will take them to get approval.
You've still got chance to salvage something. And that really is better than nothing.
Credit to london for fronting up and finally admitting he called it wrong. Kind of underlines how gross his constant "rocket this and that" was though.
Thankfully I don't think anyone could have been swayed by his posting as it wasn't based on facts. Others are more culpable.
It's painful, but if you're still in, examine the FACTS, not your hopes, the FACTS.
Sell. |
Because that note is rather ignoring a rather large elephant in the room ..that PXC asked for the second tranche of $5m and instructed the agents accordingly and the money was not forthcoming...and now the 3rd tranche is delayed and the company cannot give any guidance on when or even if the funding securing the mine development will happen.The fact this has been ongoing for months and they have been silent further questions the confidence any investor should have in what the say. |
So why falling? |
Kooba - Zeus inherited this from WH Ireland’s sale of their capital mkts division. Of all the bucket shop trash brokers in my eyes WHI were the worst - and that’s saying something considering the competition - from what I’ve seen of Zeus the last few years, they appear to be carrying on their fine tradition 🙄 |
It is interesting there are bulletin board comments over lack of communication, Mr Debt recalled some years ago where one suggested the stock was over priced with no obvious route to production etc, a private message was sent offering a meeting (was it a lunch) to meet the team, Mr Debt is a shy fellow and declined but the silence from the BOD does not bode well now does it. |
Well Zeus one of the many brokers seem happy..but guess they are paid to be so. Their commentary on the bonds is probably lacking though!Operational, financial and corporate update Phoenix Copper, the AIM listed explorer and mine developer with projects in Idaho, USA, including the flagship Empire copper project, today reports its interim results for the six-month period ending 30 June 2024. During the reporting period all efforts were focused on progressing Empire through pre-feasibility studies (PFS), the results of which were reported post period (RNS 19.09.24). A placing, subscription and retail offer was successfully completed to raise $3.52m at the beginning of the year (RNS 26.01.24). Based on a reserve of 10.1Mt grading 0.66% copper equivalent (copper+gold+silver), the PFS reports that over an 8-year mine-life Empire would produce 40.4k tonnes of copper, 40.1k ounces of gold and 1.75m ounces of silver, returning an NPV7.5 of $87.9m and an IRR of 46.4%. Significant scope remains to grow the underlying reserve to underpin operations beyond the 8year's considered in the PFS. Initial capital requirements for Empire are estimated at $62.6m, this is comfortably within the $80m copper bond secured earlier in the year (RNS 15.05.24). An initial drawdown against the bond of $5m was reported in June, with proceeds used to finalise the PFS. Phoenix also advanced the Navarre Creek gold project where continuous zones of low-grade mineralisation were reported following the 2023 drill programme, and 400 acres were added to the property footprint. The earn-in agreement with Electra Battery Materials, relating to the Redcastle cobalt property, was also renewed. On the corporate level, Andre Cohen resigned from the Board and joined the Advisory Board. Paul de Gruchy, VP of Investor Relations, also joined the Advisory Board. At period end, net assets are reported at $48.55m, including cash and cash equivalents of $2.7m. Zeus view: During the reporting period Phoenix made significant progress at its Empire copper project, setting the foundations for the recently reported PFS. Having secured financing via its innovative copper bonds, Phoenix is in an enviable position and is now able to advance Empire towards construction and operations - we anticipate a steady flow of news in the coming months. We continue to see fair value at 64p. |
Jasper - I’m gonna trade where I see opportunity, but I take no pleasure out of people being conned out of their hard earned by bad actor management.
London07 - fair dues. |
Are the BOD still taking out $1m a year in salaries and fees, bet they are. |
Should of used equity for funding. |
Well done boon and co, you were right on this one 👏 |
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