AUREUS MINING INC T.AUE

New management team! + $30m cash

[ts9222]

https://aureus-mining.com/investors/news/latest-news/us30-million-equity-financing-to-strengthen-balance-sheet-and-fund-the-restart-of-operations-at-new-liberty

Board and Management

Upon completion of the transaction the following changes will be made to the Board and management of the Company:

• CEO – David Reading will resign and will be replaced by Serhan Umurhan, currently General Manager of MNG Gold;
• CFO – Paul Thomson will resign, but continue for 12 months in a consultancy role. Geoff Eyre, currently CFO of MNG Gold, will be appointed as CFO; and
• Board – Mehmet Nazif Gnal will join the Board as Non-Executive Chairman. Serhan Umurhan and Geoff Eyre will join the board as Directors. David Netherway, Loudon Owen and Jean-Guy Martin will continue as Non-Executive Directors of the Company. Karin Ireton and Adrian Reynolds will resign as Directors of the Company.

[ts9222]

Eliminating big salaries of CEO and CFO saves cash too. As usual, Treetop's proclamation of end of company disaster, THE SKY IS FALLING is wrong again.

[ts9222]

Info on MNG Gold new management from lse chat: "It's likely to be MNG who have built a mine in Liberia and are now producing. They have a reputation for doing everything themselves. They are a private company, so if it's partial ownership, it will be at Liberia level and AUE will probably only end up with the 49%. Management styles will be very different, so expect clashes in due

[kkkrrrr]

i like the valuation now ... 50 million USD with 1.2 billion shares outstanding.. bought some more shares today...    they should be able pay down the debt very fast...     hope new management will solve all the problems without these bunch of amateurs .... i know dilution hurts but the marketcap is low and the stock should double within a year from here.

[grammadux]

I repost my quick caluclation from the LSE board, company will get a complete revaluation once production restarts and the MNG deal is sealed IMO "Downside risk almost completely eliminated due to MNG as majority shareholder with deep pockets, bankruptcy is off the table Complete managment change, we all agree that the current situation was largely due to serious managment mistmakes 

[ts9222]

>> NOW debt will be $105m assuming the use the placement proceeds to pay off creditors cash will be around $5m (taking the 2m left from the 30m proceeds) Companies don't need to pay down accounts payable to zero. EDV has accounts payable of over $100m for years. Just roll it over, pay the oldest due and add new ones every year. The largest loan amount to be paid is spread out till 2020