Post by
RONNIE111 on Nov 01, 2019 3:44pm
Titan makes mockery of ASX
Yes, you, justaday, me, and others have complained to the ASX multiple times about the share price and market cap manipulation that Titan Minerals does. Plain as day. And it was a big part of their merger attempt on Core, trying to show that thier market cap was legit. Well, didn't take long for all of us here, and then a little later, the judge given the task of seeing if the things Titan was claiming had any truth, to see that their was none. No truth, no assets, all bxllshxt.
The ASX looks to be a joke. A little backwater exchange where anything goes. Kind of like investing on the Vancouver Stock Exchange many years ago in the not so good old days. Sweet Jennifer, of the ASX, said she was looking into it, I thought, but I guess either she was lying, or the manipulation is fine with her. Like you said, Titan is going down and all the manipulating of the truth in the world wont save them. But alot of trouble would have been saved us long suffering Core shareholders,if the truth about Titan would have been made official a long time ago. And we wouldn't be sitting at a share price of 24 cents now , as everyone sits back, not trusting the system, so wary of jumping in when a share price of $.5 to $1 is totally justified at this point, not to mention what it could be worth in the future.
So another look at the true Market Cap of Titan versus the present claimed +/-$50 million depending on the time of day.
Cash on hand: probably around $2 to 3 m
Value of the 10 million Core shares $2.35 m minus $4 million owed for those shares gives
net ($1.65)
Assets: - Vista Mill let's say $2 m that they claim, but I wonder how easy it will be to get that in a liquidation
- Properties actually they don't own any properties in any sense of the word own, except the Torecilias property (spelling probably wrong) , and after spending a few million there they might find something of value, but at the moment no one would give them a plug nickle for that hope. So $ Zero
- office furniture, etc $ Zero
And that's it for assets. ( Most of my friends have more just personal assets than that.) So value of assets $2 m.
Debts: hidden debts, unpaid creditors, etc. Just a guess, but based on past history, and what else can you base guesses on, I would say it would be somewhere between $1 and 2 million.
So value ($1-2 m).
Then add, subtract, add, and subtract gives what would be a realistic market cap based on cash, assets, and debts of : best case $2.35m, and worst case $.35m.
I didn't exaggerate here for effect, I think this is entirely accurate. And I didn't include potential liabilites for the Tulin Mill, where the chickens have a pretty good chance of coming home to roost.
And given that I have shown a few times that the Tulin Mill has probably no chance, at least in the next year or two, of making a profit, let alone covering company expenses; then unless more money is raised, bankrupcy sometime in the next few months is inevitable.
If I were looking at Titan, totally objectively (which I am not -objective that is- but if I were) I would give it a share price very close to zero, a market cap of very close to zero. As any company on bankrupcy watch would be valued. In the event of a liquidation, unless Core's share price goes to say a buck soon, I doubt they will cover the creditors.