Well this is under Jonathan now. So he must have seen potential for Vanuatu for this to proceed. But it does set the scene for the next capital raise
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Yeah.... I guess time will tell......
The cynical would say he's got 84 million good reasons to keep this company chugging along:
https://www.directbroking.co.nz/dire...spx?id=5816090
From memory they went through a million dollars of shareholder funds last year, and have got about a million left.
Could be some expensive legal bills and payouts in the forthcoming year, depending on the outcome of the ex CEO's claim.
The markets have reacted favourably to today's news. $494 of shares traded.
...... and then Hill said at the last AGM that it would take 12 million dollars to get Karangahake into production. (I guess that's why it has essentially been abandoned)
I can therefore see why a mine in Vanuatu suddenly became something to divert everyone's attention from reality!!!!!!
There's just not a lot with this company to get me financially excited (anymore).
All quiet from the Boardroom for now
When does Northland / Coromandel Holiday time revert back to normal ? ;)
We might have to be a bit patient with this one. It will take a while for the new board to get their heads around how this mine can be progressed. Stiassny’s appointment should ensure that shareholders get quality information about the prospects of NTL which has been sadly lacking in the past.
Slightly off-topic, but an article about gold around the Coromandel, and a bit of a road trip around the area.
Gold in them there hills | Otago Daily Times Online News (odt.co.nz)
What did NTL effectively shell out for it ?
62 m NTL Shares - Total $200 K in shares - possibly a bit more in costs what have you..
(if the Sydney Cafes and fine dining outfits were open for the meetings tucker sessions etc)
Was there a deposit paid ?
If the shares haven't been sold by Canterbury since - they can call it NZ $124 K now on
Friday's closing NZX SP ;)
http://nzx-prod-s7fsd7f98s.s3-websit...506/362615.pdf
Capella Vanuatu after write off's, Debt forgiveness, fair value adjustments etc etc was recorded on
Canterbury's Resources books at 30 June 2020 around AU $30.5 K
(Canterbury Resources 30 June 2020 Annual Report is filed on the ASX site for those interested)
What did Hill & the other Boardroom Squatters of the time see in this Vanuatu "Asset"
that Canterbury had impaired, wrote off loans on & finally arrived at A$30.5 K Fair Value
for at 30 June 2020 ? ;)
Canterbury Resources HY Report to 31 Dec 2020:
https://cdn-api.markitdigital.com/ap...df02a206a39ff4
Page 21 - Note 12:
The same note as above appears in FY 30 June 2021 Canterbury Annual Report here:Quote:
During the current year, an impairment of $569,466 was recorded with respect to tenements
in Papua New Guinea and Vanuatu that are being relinquished
Page 39, Note 12
https://cdn-api.markitdigital.com/ap...df02a206a39ff4
Page 43, Note 23 - Subsidiaries
Quote:
... Capella Vanuatu Limited was sold to a NZ registered company, Coromandel Gold Limited
on 30 June 2021
Page 47 - Operating Segments - 2020 Year Comparatives
Quote:
Vanuatu:
Revenue A $849
Debt Forgiveness A 343,260
Impairment of Capitalised EXpenditure A $(403,240)
Loss before Income Tax A $(67,762)
Segment Assets A $ 30,465
Reading Canterbury's Report they state in 2021 Capella Ventures was wound up
and Capella Vanuatu Ltd sold to NTL's Coro Gold to clean out their Vanuatu Assets
presumably.
No figures for 2021 Year - perhaps Canterbury regarded it as a dead duck that
wasn't going anywhere and still didn't warrant a look in to review until
Hill appeared waving $200 K Kiwi in NTL Stock around
(whilst possibly on fully paid NTL Covid-19 Holiday lockdown leave hanging out
in Sydney / NSW .. but who knows ?) ;)
Where will the 62 M NTL shares wind up, if they haven't been moved on already ?
Why was $200 K Kiwi paid by NTL for Assets - Canterbury had Fair Valued at just $30 K Aussie
and their reports suggest were included as Tenements being relinquished?
Let's face it - the scale of undeveloped tenements basically requiring bucket loads of dosh thrown
at it alone to even start looking at what sort of resource is there, let alone mine it - is possibly
dream world stuff (not remotely likely to fly) to even an Aussie Smallcap Miner.
Parked up in an even smaller listed $6.3 Mil Cap NZ Mining Company, NTL - does it look any better ? ;)
Is there something more that hasn't come out on this curious acquisition - which Canterbury
no longer wanted a bar of and impaired /intended to relinquish - but Hill was prepared to wave wads
more value around for to acquire ? ;)
Great post nztx. Another early morning gem :D
I believe it was a diversionary tactic by Hill to focus people's attentions elsewhere while quietly mothballing / abandoning the mine at Karangahake.
Sort of....... start all over again with this fantasy fairy tale type stuff, and suck in a new breed of gullible investor.
Maybe we'll never know, but that's my opinion and view of it anyway. ;)