That much gold gone while a previous bunch of bods were sitting at the table spinning golden yarns ? ;)
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New Talisman Gold Mines Limited is pleased to advise that it has arranged additional loan facilities whichhave provided NTL’s auditor with sufficient comfort to issue a revised unqualified audit report.
The revisedaudit report no longer contains a Disclaimer of Opinion, but instead notes an Emphasis of Matter in relationto NTL’s forward financial position for the next 12 months.
On 27 June 2024, the ASX suspended quotation of the Company’s securities following release of theCompany’s annual report, as the audit report contained in that annual report included a disclaimer of opinion.
ASX noted that the suspension will continue until the Company is able to demonstrate compliance with ASXListing Rule 12.2, relating to the financial condition of the Company.
The Company requested a trading haltof its securities on the NZX Main Board pending further consideration by the Board of the steps necessaryto demonstrate compliance with ASX Listing Rule 12.2. and the potential implications for NTL’s previouslyannounced intended capital raise.The loan facilities are as follows:
• NTL has varied the terms of the existing unsecured loan from Director Richard Tacon to increasethe loan amount from $300,000 to $350,000 and extend the final repayment date to 31 Dec 2025.The interest rate remains at 19% per annum.
• NTL has entered into an unsecured loan with Hamish Brown of $850,000. The loan has an interestrate of 19% per annum and is repayable by 31 Dec 2025.
• NTL has also entered into an unsecured loan with the Company Chair Samantha Sharif of aminimum of $50,000 and up to $200,000. The loan has an interest rate of 19% per annum and isrepayable by 31 Dec 2025.
None of these facilities have been drawn down to date. NTL anticipates making the first draw down of$100,000 later in July 2024.
Well done. They are going to try and make it happen. I'm guessing that the CR will cover the loans so it's the same thing as 'secured' 19 percent loan.
Crikey, Mr Brown has a lot of faith.......and a lot of money.
The storm in the teacup is now settled - time for a CR!!!!
I, for obvious reasons have been unable to comment, but Baa Baa pretty much nailed it here. To be clear, I have no idea who Baa Baa is. But this and their earlier comments have been a pretty good assessment of the situation.
My hands are largely tied in commenting further, somewhat akin to a coach arguing about the ref after a game...it doesn't make any difference.
Onwards and upwards from here.
John Upperton
NTL Director
That is a very apt question to ask.
Just looking through the May 2002 renounceable rights issue offer to aquire 2 warrants (exerciseable @ 9 cents) for every 3 shares held in Heritage Gold Limited (HGD) back when the company had a modest 73M shares on issue.
Back then evidently "the Directors believe the property has potential for a 2 million ounce gold deposit in extensions and parallel structures to previously mined areas, amenable to underground mining."
Unfortunately the only mining that has occurred here has been from shareholders pockets..
Thanks Jonu and Baa Baa. Storm in a tea cup all the way which I suspect some were keen to magnify so as to minimise their losses having sold down cheaply. It's also brilliant that the directors, as well as Hamish, have the confidence to lend further. I wonder now if the ASX will be as quick on the trigger to lift their trading stop as they were to apply the halt with the consequent damaging fanfare?
That's a tired old worn out argument, looking in the rearview mirror imo. What we've seen is that the company was a recidivist lier under previous management for many years, sucking in untold $ to pay directors and management. That's on the previous shareholders and their gullibility.
Subsequently, Jonu launched a shareholder takeover supported by the Shareholders Association which was successful, brought in a heavy hitter (brilliant move by the way) turfed out the recidivist liars and troughers, even indirectly securing a criminal conviction of the chief liar. Well done.
Since then, despite unforeseen delays, the company is in the final straight, they can see a finish line that produces real gold! Now imo is not the time to reflect on a dysfunctional past, it is finally finally time to focus on that finish line, get them over it, dig up and produce the gold. There is no evidence that I can see not to trust the current management, partners and directors.
This is a massive turnaround in my sentiment towards NTL, I have been a detractor for many years, but now is the time imo to move on, not look backwards, focus on the future and decide whether trust and $ is well placed in supporting NTL going forwards.
It's like running a marathon, your coach was a crook and when you finally made it into the last mile, you realised that and got a new coach, you can see the finish line now, it's so close, but freak out and walk off the track? Yeah nah, there's better outcomes just around the corner.
Could it still go bad? Well of course it could. The anticipated gold might not be there, all sorts of hurdles could be encountered. But you don't buy mineral exploration wanting to move to production, without considering the risks.
Focus on the future, it's so close.
Hey thanks for the up's Jonu, but I have no secret sauce, I just read the words - all of them in detail - and form my views, which I have expressed here.
I suspect many people, judging by the questions and statements don't have the time or inclination to read the words, or maybe they're still cynical and don't believe them?
And to be clear, I have no affiliation to NTL, and I don't personally know anyone involved in the company, including Jonu.
All the best though, it's pretty exciting to see the path towards production.
I watch from the beach...far far away and *hic burp* have never felt more positive with the way things are turning out. :t_up:
I'm out of cash. IFT have cleaned me out.
It will be interesting to see if any or all of the loans are converted to equity in the CR.
Yes true, but that would be a condition of the CR, which we don't know yet.
I'd be surprised TBH if the lenders of last resort (and wow, they came out of the woodwork didn't they, like supreme confidence) were interested in chancing their arm on converting loans at 19% return, to equity at 0% and the risk that the market didn't up-value the market cap by at least or more than their ROI at 19% return on debt.
What would you do if you were a lender at 19% interest, in an inevitable cap raise and a massive dilution event forthcoming? Convert debt to equity?, maybe, but yeah nah probably not? Time will tell.