Nautilus Minerals (NUS.to) has a small place in the heart of your humble scribe, as it was the utter BS pumpo ran by Porter Stansberry on this wildest of mining companies which opened my eyes (and many others) to the scamster Porter and his manner of ripping off poor saps, left right centre. Back then Porter took the $1 stock that was NUS and pumped it up as high as $3 before the dump began and the idiots who pay him for investment advice were left holding his friends’ large bag. Today it’s a 14.5c stock. A detail.
Anyway, that was then and this is now and NUS.to provided us with news this morning and once you cut through all the intro stuff and talk about that-and-that way of raising cash for the grand plan, the paydirt finally arrives:
reductions will include the departure of the following members of the
Company’s executive management team by September 2, 2016:
- Shontel Norgate, Chief Financial Officer;
- Kevin Cain, Vice President — Projects;
- Jonathan Lowe, Vice President — Strategic Development and Exploration; and
- Karen Hauff, General Counsel / Company Secretary.
So, wholesale layoffs in the office. As the Black Knight so wisely said, just a fleshwound. As for the timeline, back in the last corporate presentation they told us that wet testing of equipment would start in 1h16. And now…
Company previously disclosed that in the event that the required
funding is secured and the Company is able to continue development of
the Solwara 1 Project, the schedule would be delayed. The Company has
now secured the necessary bridge financing to facilitate the time
required to secure that additional required funding. If the additional
required funding is secured by June 2017 and subject to ongoing detailed
planning, the Company could be in a position to commence the initial
deployment and testing operations at the Solwara 1 Project by the end of
Oh, another three years? Bummer. Still, it’s unlikely to get set back any further than that, right?