WML 16.7% 0.5¢ woomera mining limited

Average I will try to explain this to you but sure you wont...

  1. 1,312 Posts.
    lightbulb Created with Sketch. 29
    Average I will try to explain this to you but sure you wont accept anything I or others say unless we confirm your wild conspiracy theories.

    When we signed the term sheet for the sale of volt and liquid well over a year ago, and that was after a prior 6 months of negotiations, the plan was for a full IPO.
    Now about 9 months ago, unbeknown to us, Woomera were approached by a creditor of Ausroc, as you can imagine they had creditors who took shares in exchange for loans, not uncommon as it happens to a lot of companies, so 9 months ago, and a few years for that matter it looked like the creditors would lose their money, ie 100% loss.

    So creditors, like in many companies, took control of the shell, so they said how can we get something out of this before the time limit is up and it gets delisted for good.
    So one or more of them heard about the proposed IPO and approached Woomera, they may have approached others as well??

    Now why would Woomera accept to use a shell you ask.
    Our vend in price added just $1.75 mill to the EV, but Woomera already had shareholders and other projects, so their shares amounted to around $15 mill EV,
    So that was a little high and raising money might have been tight,
    So if a financial proposition would benefit both parties this had to be explored they thought.
    To do all the legals, prospectus, auditors etc costs a lot of money, so to have it all fall over cause the required money cannot be raised it a big risk.

    We only found out about this around August last year, I opposed this as I knew there would be people like you and other old burnt holders who would hold an ever lasting grudge, baggage if you like.
    But we the vendors had no say.

    And at that point we had invested a lot of time and effort to get it to this stage, if we then pulled out the whole thing would have fallen over.

    Would we have signed if we knew it was going to be this way from the start?, probably not.
    If we did an IPO ourselves for volt and liquid the EV would have been probably around $3 mill and raising money would have been no problem at all and we would not have had to do any deals with shells.

    Now I am not saying Woomera will not be a success because I know the projects we vended in and they have a joint venture as you know with Oz Minerals, one of the biggest mining companies in Australia on their own SA projects, but they need to get drilling and get some results, they say this will happen next month or July.

    Just on the ann they recently made on 2 new tenements,
    The ann is a little misleading as they mention they have been "granted", they actually have applied for an exploration license to be granted, interestingly the 2 applications directly adjoin 2 of the ones they purchased off us, so in effect it is an extension of our projects we found and were granted exploration licenses, we got them granted so Woomera should have no issues getting the new ones/extensions granted.

    Now all this may not sound as sexy as discovering there is a conspiracy theory and somehow Malone is hiding in the back room pulling strings, in fact it is pretty bland and boring and very common place among these type of dealings.

    You might say but what about this project Ausroc had etc, I don't remember any projects they had and don't care what they had or what Malone or Landua did cause I am too busy working on other projects, I only have time to control the present and not what happened many years ago,
    If I lose a $5 note I do not dwell on it for the next 5 years, my only concern is making that $5 back and many more of them.

    I sincerely hope this makes you sleep better at night.
 
watchlist Created with Sketch. Add WML (ASX) to my watchlist
(20min delay)
Last
0.5¢
Change
-0.001(16.7%)
Mkt cap ! $6.091M
Open High Low Value Volume
0.6¢ 0.6¢ 0.5¢ $12.85K 2.516M

Buyers (Bids)

No. Vol. Price($)
1 2569266 0.5¢
 

Sellers (Offers)

Price($) Vol. No.
0.6¢ 8967773 10
View Market Depth
Last trade - 14.36pm 29/03/2024 (20 minute delay) ?
Last
0.5¢
  Change
-0.001 ( 0.00 %)
Open High Low Volume
0.5¢ 0.5¢ 0.5¢ 2411144
Last updated 14.42pm 29/03/2024 ?
WML (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.