The slide continues it`s downward spiral.
Not looking good unless some funds are forthcoming soon. |
It would seem their “supportive investor” is currently shoving it right up ‘em |
A very sad state of current events.Very good summary Kooba. |
It doesn`t smell right because it stinks. |
 "Subject to the Directors being granted the authority to allot relevant securities at the Company's forthcoming Annual General Meeting ("AGM"), scheduled to be held on 29 May 2024, unless and until agreed otherwise, the Bonds will be drawn down as to US$5,000,000 on or around 31 May 2024 (the "Initial Drawdown"), US$5,000,000 on or around 30 June 2024, US$20,000,000 on or around 31 August 2024, and the balance of US$50,000,000 in two tranches during the first half of 2025.""unless and until agreed otherwise" that is not an indicative schedule and was given to shareholders as a set timetable.We are now almost four months late with the "agreed" tranche 2 ...the one that the company asked for and almost 2 months behind the major $20m tranche 3 drawdown.Its now over a month since the PFS dropped which we are told was good and in line with expectations once they put the discounts for the second hand equipment in the numbers...and still although everyone is relaxed and the bondholder is apparently supportive there is no sign of any additional funds and so all that has been received net is probably worth less than the highly dilutive share issue that was awarded to the bondholder for providing an $80m facility as above.All in all a very weird state of affairs and there is no formal explanation to shareholders as to why and when there will be a new schedule drawn up..apart from the CFO saying NUI are legally bound to come up with $25m in the next 10 days or so...i think that is unlikely as the delays even since the PFS are becoming a major concern. How the company is meant to be sourcing and securing all this second hand kit with no funding means that this situation must be causing delays in the preparation to get to production.What the current cash position is must also start to be an issue ..the placing funds raised earlier this year and the first tranche ( some of which will need to be held in escrow to cover interest) will not pay the bills for long and the RiverFort facility can only be used once $20m of bonds are drawn ..until then the outstanding amount needs repaying to.It just don't smell right. |
Good answer |
I have moved on quite nicely. Thank you. Disgruntled because I am very much underwater. Like many of you. |
Yes where isPOF? Does he still think that PXC the buy of the century like Donald pond |
Yes where isPOF? Does he still think that PXC the buy of the century like Donald pond |
It's time for Richard Wilkins to stand down as CFO. |
If I bought a load near the ATH like you did, I'd certainly be moaning about the chronic mismanagement here....still you have "nothing to say"......
leedslad001 - 04 Apr 2022 - 13:36:23 - 5991 of 12022 Phoenix Copper (PXC) - PXC
Another 35k for me |
People aren't talking because there is nothing to say most people just patiently waiting apart from the same old moaners |
Management need to justify their huge salaries.
This is going the way of HZM. Huge sakaries, everything working out well then majoe problems in funding. Outcome? shares were suspended.
I sincerely hope that this is not the case here.
Even PoF isn`t chatting. |
Continued tumbleweed here. What happened to the promise of all that news / comms?
Farce. |
thank you...
wow |
Extended and (potentially) increased with different terms. |
where pcx stands on the death spiral financing loan .... i lost track .... is it still on or was it paid back?
if not, why not?
cost and risk management and all the rest. first thing to do i would assume |
They need to keep money aside for the interest payments so even if they get the $80m they won't be able to spend it all. |
In the PFS the initial capital requirement for the project comes in at less than $63m taking their second hand kit into account..the bond finance " committed" goes to $80m ..I'm not sure finding the $2.5m mentioned would be an issue. Also once the first $25m is drawn against the bonds Phoenix can also draw more against the Riverfort facility.The issue is why is the funding stalled and when does Phoenix run out of existing resources? They had $2.7m cash end June which won't last long ..and I think the $2m outstanding to Riverfort is already under repayment terms.There really needs to be some clarification. https://www.proactiveinvestors.co.uk/companies/news/1042265/phoenix-copper-agrees-refinancing-terms-with-riverfort-1042265.html |
I’ve not looked in here in a while, didn’t these experienced mining executives use shareholder cash to allegedly buy a load of old rusty ball mills for a mine they don’t have?
Interestingly I see Emma Priestly mentioned here, she’s connected to Richard Wilkins and Bill Trew via GRL. And don’t forget honest Angie List in the gang too. I’m surprised some of these are not in prison. Is there anyone foolish enough to be still holding these?
“In Jordan, documents reveal that List forged documents to take over a joint venture investment by BCM International Company. She reportedly withdrew USD 4 million using forged documents, leading to charges of complicity in fraud and an arrest warrant issued on March 19, 2024.
Misappropriation and Misconduct
The SNA investigation uncovered that List misappropriated funds and engaged in unauthorized cash transfers. Evidence shows that during her tenure as Finance Manager at BCM, she transferred more than USD 7 million to purchase a resort, and a plane, and placed funds in an offshore trust. These actions were taken without the knowledge or consent of her business partner and estranged husband, Paul List”
Isn’t Richard Wilkins one of only two people on the GRL audit and compliance committee to make sure Angie is a good girl? |
Presumably the "resources permitting" comment reflects the fact that the adit was not planned at the time of the fund raise, so the resources would presumably have to come from savings from used kit etc, which won't be resolved yet. |
Hi Donald can you answer on here as you can't use Telegram at the moment, is the 25 million in an escrow account? |
Live interview ..the type of thing that gets misconstrued at a later date ! There are no official terms of the bond issue available so shareholders were unaware that the release of funds was dependent on the PFS being issued ..in fact quite the opposite the PR previously said there was no need for one now the funding was secured.https://youtu.be/Rp5fQy1o7jc?si=OVvz2HEaB0UdqUE8 |
Yeah but I wasn’t sure whether the tunnel was being dug. Sorry I’m not a shareholder so don’t follow this share as closely as those I do hold.
Is the quote from the CFO documented? |
I was seeking a confirmation that that is the position...it is rather important. I note you ask the PR questions on the cost and duration of digging a tunnel..not sure thats his brief either...but hey ho.The fact that there is no confirmation of rescheduled funding almost a month after the PFS was published when we were never informed it was in any way dependent on its publication is rather a concern. |
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