This is a disaster |
Time for R Wilkins to stand down, even if he manages to pull a rabbit out of the bag. The ongoing long term silence from the BOD speaks volumes. And Donald should go to. I do feel for Ryan, 5000 miles away trying to build a mine with no money. |
Unfortunately if this goes down the legal route (as they keep and insinuating the legally obliged line), this could go down to pennies. IMO There is a big problem with NIU, i think everyone knows it, 4 months on and they still havent stumped up the cash.
There are some big holders with 1 million+ shares,and with no liquidity, if they choose to cut loose, it will drop big time.
So sad for genuine holders,hope it turns around for them 🤞 |
I think he got suckered by Wilkins Jb2, he even once mentioned that other disaster of his GRL and went as far back as the OXS days. Either that or he was another WHI lackey 🙄 |
He reminds me of the fella who did the big visit to HUM and wrote up a glowing appraisal of the outfit. He then sold out asap into the rise he helped create and disappeared.
POF even managed to find a fall guy in the form of donald.
Sweet. |
PXC is enough to set anyone's pants on fire |
whatever happened to Pantsonfire…
incinerated? |
they are offering the most important support there is in existance - a full moral support |
I thought that was meant to be NIU ...so far their pockets don't appear that deep though..hopefully some overdue clarification on where the funding is this week as we get to that 5 months from agreement signed mark the CFO says is binding. There is a difference between NIU being supportive and actually providing the agreed funding. |
The objective is indeed to exploit the deeper sulphides and the open pit is to provide the funds to do just that.....but if someone with deeper pockets could help accelerate things...?? |
The project proposed here is the open pit, a new operation. We know zero about restarting the old underground workings.IMHO! |
no replies....enthusiasm gone....hope that signals the turn up? |
 I would have thought with this company if they were going to get $25m of funding from the bonds under the legal subscription agreement within 5 months of first drawdown as we were informed by the CFO ( ie within 5 days) then the share price would be reflecting that positive development as currently the market is obviously very concerned about funding judging by the reaction to the news of the delays with the results and the prevailing weakness.It's now 6 weeks from the unsurprising and rather dull PFS and over a month since the PXC interims coming clean on the delays which prompted..."Cevdet Caner, founder of NIU Invest SE, reiterated NIU's confidence in Phoenix Copper's operations, stating: "NIU Invest SE confirms that Phoenix Copper Limited has our full support. We are in the process of reviewing the information in the recent feasibility study and expect to resume a revised drawdown schedule in the near future.""https://niu-invest.com/niu-affirms-support-for-pxc/But as the CFO has informed there is a legal obligation so no worries!! The CFO also said the firm schedule shareholders were given was merely indicative and clarified the legal position (next 5 days.) so it's unclear why Mr Caner is talking of a revised drawdown schedule anyway.I'm sure it will all be explained and resolved by 5th November. |
Does anybody know what % of the mining permits required by the co are approved and active? |
Down in the 8p`s now. So sad to see shares trading this low. |
I would not understand so long you know pxc what you think of report |
They've recently released a several hundred page technical report, perhaps start there! |
I know nothing like being told |
Is that the extent of your research m8? Do you simply require a yes or no from a complete stranger? |
is this a good share |
One has to presume that the terms were legally binding as the company issued so much paper to the bondholder subscribing. I imagine that share issue could be forfeit if they do not meet the terms, but it would then get very messy , so i hope that the confidence the company has in the funds being forthcoming is justified.Unfortunately the delays and changes to the timetable given give a number of reasons for doubt.The bondholder is as things stand the biggest shareholder and the biggest creditor which gives them significant control ..whilst only putting up $5m. |
You would have to ask the CFO for full terms but this is what he said at 1min 8 secshttps://youtu.be/Rp5fQy1o7jc?si=qHPFPwGPYnlmvKqv"Legal subscription" with prescribed terms by certain dates.The company received the first tranche 5th June so take that as initial funding so 5 months to cough a total of $30m ..so $25m due within the next 10 days or at least an excuse why not and give some clarity.The idea they are not talking about anything because they are still in a "close period" is also nonsense..they have released the results so out of close period. They may be restricted on talking about the "secret stuff " but they can talk about the normal run of business which is trying to get a mine out of mothball and producing again as soon as possible and to do that you need funding..funding we were told was secured and available on set terms. |
"Legally bound" As in legally bound by an SPV or by a covenant of substance Looks very like a loan to own |
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