On Nov 16, I posted a criticism of ZEN's failed PP. Message 31890224
The Oct 3rd PP had been announced as having been "ARRANGED" for a minimum of $1 million dollars. On Nov 16 ZEN filed an NR stating they had raised ~$583,000 in a "tranche"
"ARRANGED" means that ZEN had a commitment for $1,000,000 and was seeking more. Obviously, investors who had previously committed backed out.
Team Yellow had previously stated that they had "been approached by a few large shareholders, several brokerage houses and a company in Europe that are all interested in funding Zenyatta....”
David R responded to my Nov 16 post: siliconinvestor.com
"Obviously this raise was for longtime shareholders and insiders.
Remember Mr Czecher that brokers don’t participate in non broker raises.
I won’t be surprised we’ll see more about who is paying for the drilling. If that doesn’t happen it will be a sad day for us Zen shareholders...."
Well David, the day of reckoning is here.
Today ZEN announced a flow-through PP of up to 7,5000,000 shares at $0.40 for proceeds of up to $3,000,000 to be used for bulk sampling, environmental assessment and community engagement.
According to David, this is what the "few large shareholders, several brokerage houses and a company in Europe were "interested in funding".
David - Did you notice that this PP is NOT "ARRANGED"? Do you think maybe Team Yellow exaggerated the level of interest in investing in "the drilling".
You said it David, If this PP falls short of the minimum cash needed to fund the announced winter program - ZEN IS DONE. "it will be a sad day for us Zen shareholders...."
It now becomes clear that ALL the proceeds of the failed Oct 3rd PP will be used for lifestyle funding. You know - sending delegations to Texas and England and keeping the lights on.
Also today, ZEN finally announced the closing of the previous PP. Is anyone surprised that they did not raise a single cent after the first "tranche" was announced on Nov 16?
10 weeks to raise less than $295,000 from 10 "longtime shareholders". Zen was expecting a "minimum" of $725,000. In other words - a disastrous and complete FAILURE.
Of note - ZEN's opening trade on the TSX-V for the last 5 days. I am detecting a trend. Do you see it David?
- Dec 5....$0.40
- Dec 6....$0.39
- Dec 7....$0.38
- Dec 10..$0.37
- Dec 11..$0.35
PS - I see Antlizzie believes the $3,000,000 has already been raised.  Remedial reading classes might be in order. Message 31924561
Truly A GONG SHOW RUN BY CLOWNS |
