Death Spiral at Wres ongoing...as predictedNext NR leading to shareholders loosing all their investment.
Share consolidation announced to allow for insuance of new shares! Banks and management will compensate themselves with new shares to cover for their loses, retail shareholders completely screwed.
Quote from NR:
"
The Company currently has in issue 7,709,935,731 Ordinary Shares at the date of this document, which are publicly traded on AIM. At the present time, the Ordinary Shares are trading at a price that is lower than their nominal value. The Company is not permitted by law to issue shares below their nominal value..
"
Wres is becoming the textbook example of a failing junior miner...
- overpromised studies with OPEX that could never be achieved
- resource with one of the lowest tungsten grades in the world to allow for any profitable mining apart from the top a commodity cycle (if at all....)
- financing signed at rates that are not sustainable and only advantageous to the banks
- lack of tungsten mining knowledge
https://www.lse.co.uk/rns/WRES/capital-reorganisation-notice-of-general-meeting-3arwymn4783bntb.html