Q1 - 2012 - Financials First the sad news, but lets not go overboard and over react - I suggest you all take a deep breath and think before hitting the trigger.
https://business.financialpost.com/2012/04/03/ethiopian-potash-on-the-brink-of-collapse/
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Next, go to sedar,com and you will find the Q1 - 2012 Financials + MD&A. Nothing new except that we are paying through the darn noze for that stupid private plane, which is suppose to cost us minimum $60K per month and by the looks of it we are about to hit $110K per month.
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Our globetrotting Management has spent in excess of $107.000 In travelling expense for the last 3 months. Add this to some $350 K for the Private Cargo plane , and we've spent half a billion dollar in 3 months on planes and hotel - Bravo , I'm impress!
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Our Board of Director fell they've delivered such great shareholder value that they've voted themselves a $159.000.00 Bonus pay for ....well I'll let you fill the dots...
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On the positive side we've raised some $90K it seems selling shares to who knows who and at what ever price, very interesting given there was no Private Placement announcement that I am aware of , let alone identifying how many shares were issued ???
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Lastly, we were able to obtain a $600.000.00 loan at 3% Interest rate, which in my opinion shows some comiitment towards the Company - hey look at it in a different way, we're OK to pay the private plane fees for the next 2 quarters....as for drilling and a 43-101..
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Well...that be still a very nebulous story...no better info then our dearly departed former CEO stated in his last News release......
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In short, not sure that we are out of the woods and can only hope we still have some negotiation power with a potential Investor/white knight.
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Talk about a royal dissapointment, some serious patience required here I think....